Be worried about more than the 5.7% unemployment rate. The problems are deeper than that.
Value Producing Jobs-July
Construction: minus 22,000
Manufacturing: minus 35,000
Professional and Business Services: minus 24,000
Retail: minus 17,000
Total Value Producing Jobs: minus 98,000
Value Consuming Jobs-July
Education and Health Care: plus 39,000
Leisure and Hospitality: plus 1,000
Government: plus 25,000
Total Value Consuming Jobs: plus 65,000
Note that the there was no Brick Oven jobs report last month. This is because media reports did not turn on my look-o-meter.
The media did not cover the June jobs report because there was no significant net loss of jobs in June. But there still was the typical loss of value producing jobs and gain in value consuming jobs:
Value Producing Jobs-June
Construction: minus 49,000
Manufacturing: minus 35,000
Professional and Business Services: minus 39,000
Retail: minus 6,000
Total Value Producing Jobs: minus 129,000
Value Consuming Jobs-June
Education and Health Care: plus 55,000
Leisure and Hospitality: plus 7,000
Government: plus 43,000
Total Value Consuming Jobs: plus 105,000
Although it did not make the news, there was a swing of a quarter of a million jobs in June from value producing to value consuming.
No comments:
Post a Comment