Almost 60% of Jobs Added in 2010 in Three Lower-Paying Areas: Temporary Help, Leisure & Hospitality, and Retail Trade.
Economists and market strategists spill lots of ink opining about the number of jobs the U.S. economy creates. But we think the nature of the jobs is at least as important for the economy’s long-term health as the number of jobs. On the former point, the latest Bureau of Labor Statistics (BLS) data is disappointing.
In 2010, the BLS reports that the economy added 1.12 million jobs. Almost 60% of these jobs are in one of three relatively low-paying areas—temporary employment (308,000), leisure & hospitality (240,000), and retail trade (116,000).
These jobs are certainly better than no jobs. But for the economy to grow sustainably—without the crutches of $1+ trillion per year in federal deficit spending, zero percent dictated interest rates, and tens of billions per month in central bank debt monetization—American companies need to start generating more higher-paying jobs at home.
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