Job Growth: The Whole Truth

Editor

Editor@TheIndependentDaily.com

Recently released, the Bureau of Labor Statistics (BLS) has summarized employment growth in the United States. Let’s put aside the fact that millions of Americans are no longer part of the BLS database because they didn’t look for work during the four weeks preceding the data period. Forget about the millions who are no longer a component of the job-seeker category since they long-ago abandoned the idea of finding gainful employment and opted instead to fall into the chasm called the Underground Economy. Disregard the fact that 48% of our available Labor Force receive some form of subsistence leaving 52% to actually look for, secure, and participate in America’s employment sectors. After all of this, the BLS announced a 195,000 job gain during June 2013.

The market reacted predictably, as the media lock-step reported the findings with half-truths: Less than half-truths, really.

From the BLS report, available here: “Total nonfarm payroll employment increased by 195,000 in June, and the unemployment rate was unchanged at 7.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in leisure and hospitality, professional and business services, retail trade, health care, and financial activities.”

Those are Service sector jobs. They mean nothing without the support of Manufacturing. To not repeat the often spoken in this journal, read, Forget the Fiscal Cliff: We’ve Been Doomed for Decades, here.

Don’t be conned into believing this Shell Game: There is no pea under the third shell. In fact, there is no pea at all any longer.