June 7, 2013. The payroll jobs report for May released today continues the fantasy.
Goods producing jobs declined, with manufacturing losing another 4,000 jobs, but the New Economy produced 179,000 service jobs.
Are these jobs the high-powered, high-wage “innovation jobs” that economists promised would be our reward from Globalism. I’m afraid not.
According to the Bureau of Labor Statistics, the jobs created are the usual lowly paid
non-exportable domestic service jobs–the jobs of a third world country.
· Retail trade accounts for 27,700 of the jobs.
· Wholesale trade accounts for 7,900 jobs.
· Ambulatory health care services accounts for 15,300 of the jobs.
· Waitresses and bartenders account for 38,100 of the jobs.
· Local government accounts for 13,000 of the jobs.
· Amusements, gambling, and recreation account for 12,500 of the jobs.
· Temporary help services provided 25,600 jobs.
· Business support services provided 4,300 jobs.
· Services to buildings and dwellings provided 6,400 jobs.
· Accounting and bookkeeping services provided 3,100 jobs.
· Architectural and engineering services provided 4,900 jobs.
· Computer systems design and related provided 6,000 jobs (most likely filled by H-1B work visas)
· Management and technical consulting services provided 3,200 jobs.
For a decade this has been the jobs profile of “the world’s most powerful economy.” It is the profile of third world India 40 years ago. The jobs that made the US the dominant economy have been moved off shore by corporations threatened by Wall Street with takeovers if they did not increase their profits…..more