Service Sector Economy - How to parse it?
Jefferis NoSpamme
Just wondering how to gauge the job growth strength of the US Economy with
the service sector job growth. Obviously, government jobs of 39k are
probably decent wage jobs, but are there any stats which reveal what
percent of the job growth in the service sector are low wage hamburger
flipper type jobs vs white collar?
While there is wage growth, is that a growth of real wages in all sectors,
low and high, or is it a reflection of more people being employed?
From my anecdotal experience, I do not see wages going up for people in most
of the fields I know, but declining, and that in spite of all the job
growth, starting salaries for many out of college seem to be barely living
wages...
Thanks
Jeff
~~~~~~~~~~~~
Jefferis Peterson, Pres.
Web Design and Marketing
http://www.PetersonSales.com
----== Posted via Newsfeeds.Com - Unlimited-Unrestricted-Secure Usenet News==----
http://www.newsfeeds.com The #1 Newsgroup Service in the World! 120,000+ Newsgroups
----= East and West-Coast Server Farms - Total Privacy via Encryption =----
Jefferis NoSpamme
not that good. This is an excerpt from a biweekly email from
http://www.frontlinethoughts.com/
Data maven Greg Weldon (www.weldononline.com) notices some interesting items
in the data:
"... [after he discussed the strong earnings] we note that the jobs being
created are NOT the highest paid jobs. Indeed, we can combine the various
aspects of the report to suggest the following ... more young women, and
more older women, are finding work in hospitals, day care centers, doctor's
offices, and nursing homes, along with schools, and restaurants-bars,
representing an overwhelming percentage of new jobs being created.
"Why do we say this ??? Note the following data-details as they relate to a
breakdown of unemployment rate by age and sex:
"Women 18-19 Years Old ... showed, BY FAR, the largest decline in
unemployment, with the rate for this age-sex group plunging from 14.0%, to
12.4% during the month of September, a HUGE single month decline.
"Women Over 55 Year Old ... unemployment rate of 3.0% ... down from an
already low 3.4% in August.
"And, when we combine the occupations listed above (hospitals, day care
centers, doctor's offices, nursing homes, bars-restaurants, and schools) we
come up with a total of 97,500 newly created jobs in these industries alone,
accounting for nearly 89% of ALL new jobs created in September."
The unemployment rate for men went up in all age categories up to the
mid-40s. The unemployment rate for 18-19 year-old men is 16%.
The overall unemployment rate rose to 4.7%, some 0.3% above the current
cycle low of 4.4%. A rise in the unemployment rate often (but not always)
signals a recession is in the future. If the economy continues to only
create an average of 100,000 new jobs, the unemployment rate is going to
rise. That is simply a statistical fact. Without a turnaround in jobs, a
serious slowdown and a recession is in our future.
~~~~~~~~~~~~~~~~~
My conclusion then is that free trade is not actually leading to a rising
standard of living for the US but a real decline. The unemployment rate is
masked by the statistics which sound like 'growth.' But a growth of
hamburger flippers is not a growth in standard of living terms. We are
probably experiencing the first real decline since the Great Depression.
Jeff