Posted on 08/02/2013 6:17:16 PM PDT by Hojczyk
At 162,000, the July jobs report fell short of expectations and well shy of “whisper” numbers for payroll figures above 200,000. In addition, job tallies were revised down for May and June and average hourly earnings fell 0.1% in July, the first decline since October.
The data disappointed Wall Street economists but are consistent with the trends Dan Alpert, managing partner at Westwood Capital, cited in a recent report: “The fact is that the U.S. employment situation is more of a wounded beast than a bull,” he writes.
According to Alpert’s analysis, 69% of the jobs created in the second quarter – and 57% in the first half of 2013 – were in the three lowest-paying sectors of the economy: retail trade, administrative and waste services, and leisure and hospitality. These jobs, which account for 33% of all private sector jobs, pay an average of $15.80 per hour.
“What you’re seeing is now the spreading of low wage growth,” he says, noting those trends continued in Friday's July jobs report. “Really we have become a nation of hamburger flippers, Wal-Mart sales associates, barmaids, checkout people and other people working at very low wages.”
The growth of low-wage jobs helps explain why the majority of Americans continue to believe the economy is in recession, despite a falling unemployment rate – now down to a four-year low of 7.4% – a record-setting stock market rally and a rebound in the housing market.
Taking it a step further, Alpert says the low-wage trend also explains why GDP growth remains so weak despite monthly average private sector job growth of nearly 200,000 in the past year.
(Excerpt) Read more at finance.yahoo.com ...
Russia made a 180 turn from Stalin days. They now have a very reasonable rate flat income tax!
China has also jumped on the capitalism bandwagon, getting away from Mao’s Great Leap Forward. China now has one million (US $$) millionaires, where as during Mao’s China had 13.
But good ole USA elects a community organizer from Chicago political background who wants to create trickle up poverty with his Obamacare and redistribute the wealth dogma.
But let’s not forget the promising career in pizza delivery.
Bump
All B0 has to do now is raise the minimum wage to $15/hr (for starters).
I remember when we were talking about full employment back in 2005/2006 and the dummocrats were saying this was the worst economy since the great depression and all Bush created were McJobs and the media was agreeing even though the numbers didn’t support it..
now, we are now in the worst economy since the Great Depression and all Obama has created are McJobs and the numbers actually support it and what is the media saying...
This is because the stuff American’s should be making is being made in China. Americans would work factory jobs, many folks these would consider these ideal jobs.
But many of them have Bachelors and Masters Degrees which they can contemplate as they flip burgers and wait tables. And the thousands of dollars in student loans, well if they live in the family basement for 20 years they should be done paying the student loans if they are careful. Oh, and be sure to keep supporting those Progressives, you know, social and economic justice for all.
Bump.
America needs real jobs.
Now.
Yea, globalism has about run its course.
I have never had a Starbucks coffee, because what it represents is inherently degenerate, and almost perfectly represents what had gone way wrong in the US over the last 50 years. If you have some kind of insane desire to spend $4.50 for a freaking cup of coffee, buy a very good $1.00 coffee from McDonalds or Dunkin’ Doughnuts, and give $3.50 to a charity that actually does some good. I guarantee that cup of coffee will taste just great.
When I chose my screen name MANY, MANY years ago, I felt the same way about degenerate yuppie crap. At least yuppies could actually afford to be wasteful.
Best comment ever about Starbucks:
“Why pay $3.50 to drink what tastes like burned s***?”
Whoever called baristas `art fags’ hit a home run too.
Stop shopping at Walmart. We are exporting all our jobs and their low wages don’t leave their workers any money to circulate in the local economy.
“But let’s not forget the promising career in pizza delivery.”
Those are jobs from the “before-times”; I’ve been in a few pizzerias where the drivers are all lounging around. The discretionary dollars are gone, and when we rarely do order pizza anymore I simply drive to pick it up.
Like most Americans, I have more time than money.
Russia made a 180 turn from Stalin days. They now have a very reasonable rate flat income tax!
This what I was thinking as I read the article.
After the Second Russian Revolution,they went thru a period of economic anarchy. Then they turned to oligarchic capitalism. Lots to criticize about any country and Russia has intimidated their neighbors and worse, but isn’t it also interesting that Putin has declared support for Christianity and sees homosexuality as a national threat?
Things move fast in today’s world and 21st century Americans aren’t Russian serfs, so I think that our brand of hard socialism trending towards communism will be short lived compared to the Russian experience. It will have to be long enough for everyone to become disillusioned. No telling what the reactionary phase will bring, though. Probably some resurgence of individualism and capitalism, though. I hope.
At $20 or more for a restaurant pizza, people will spend $7 for a frozen pizza or make their own. We consider going out for a pizza (no delivery in my rural location)a luxury. Even then, we do our own pick up as well.
Frozen pizza is what we normally eat nowadays; I occasionally stop & pick up a pie if I’m bringing the kids home at 8:00 pm from soccer practice and my wife and I don’t feel like cooking (once every two months AT MOST). I was pleasantly surprised that Shop-Rite’s frozen pizza was much tastier than Ellio’s.
This country has lost its once great manufacturing ability. Skilled trades people of not long ago will never pass those skills and knowledge on to the generation that will have to replace them. Computers, automation and advanced technology can’t do everything. Guess everyone had better learn how to flip hamburgers then.
Losing the manufacturing was probably inevitable; what has magnified this problem are the costs of maintaining a permanent (and growing) underclass on the backs of a dwindling number of taxpayers. With no profit motive/incentive, there is no reason to work (or vote for policies that would enable one to do so).
Trades people were shafted by immigration policies that gave much of their work to illegal aliens; they will work in skilled capacities even if they don’t have the skills, learning on the job (mistakes be damned).
Had an economic expert on CBS This Morning Saturday just now who quoted this fellow when discussing the jobs report. She will not be asked back.
You do realize that the regular coffe at Starbucks costs the same as the coffee at Dunks right? I have Starbucks all the time, I just don’t order the fancy stuff like lattes or cappucinos. Nobody is forcing you to order that stuff.
In my opinion the regular coffe at Starbucks is better than the regular coffee at Dunks or McD’s. That’s just my opinion and I won’t argue taste buds.
Starbucks is an awesone economic success story. A small Seattle coffee chain becomes a global money-printer. isn’t that the kind of business success we want?
Again, to each his own. You can compare Starbucks to a bar. Lets face it, both are dispensing a legal drug (caffeine and alcohol). Both are providing and atmosphere for their customers to relax in. If I go to a bar I can order a Bud Light on Draft for a couple of bucks. Nobody is making me order a Guiness for $6. Same with mixed drinks. The bar makes more money on the fancy drinks obviously. Same with Starbucks. Its a free country and if you want to spend $5 on a fancy coffee drink - go right ahead.
I fail to see the problem in that.
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