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JOBS:The DEVIL's in the Details - 340,000 DROPPED OUT of Workforce!

Saturday, January 10, 2015 9:27

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Take a look at a few of the “Lamestream Media” reports on the latest jobs numbers:

Marketwatch: ‘Amazing’ jobs report, apart from wages
Bloomberg: December Employment Gain Caps Best Year for U.S. Since 1999; Wage Gains Lag
USA Today: “The employment report also confirms that the U.S. remains a bright spot in an otherwise languishing world economy.”

You’d think we were actually in some kind of jobs recovery, with those headlines! Let’s get serious, as the devil is always in the details.

Wages Down
340,000 Drop out of Workforce
Shale Bloodbath to Begin

Let’s look at the numbers that are published monthly from the government BS. I meant – BLS (Bureau of Labor and Statistics): Total nonfarm payroll employment increased by 252,000 in December and the unemployment rate went down to 5.6% from 5.8%.

340,000 More People Dropped Out of the Workforce

The details are that the labor participation rate just slid once more, dropping to 62.7%, or the lowest since December 1977. This happened because the number of Americans not in the labor forced skyrocketed to 451,000 in December - far outpacing the 111,000 jobs added according to the Household Survey. It is the primary reason why the number of uenmployed Americans dropped by 383,000.

But, But the Reason for the Low Participation Rate is Because the Older Americans are Retiring. WRONG!

No, many of them can’t afford to retire, as they make no interest on money in the bank and inflation is causing all of their costs to go up. “The number of workers 55 and over just hit 32.9 million, up 1.3 million from a year ago, and anall time high.“

For those college graduates and young people that get lucky enough to find a job, this is where they are working-in Food Service and Drinking Places. Translated: sub-minimum wage waiters and bartenders jumped by 43,600: the highest monthly increase since 2012.

Biggest Job Increases in Waiters and Bartenders

For those young people under 55, including college graduates who can’t find a decent job in their field, the biggest “number of workers employed in Food Service and Drinking Places, i.e., sub-minimum wage waiters and bartenders jumped by 43,600: the highest monthly increase since 2012.” No doubt people are out drinking their sorrows away, and the retirees that can afford to eat out are providing the only lifeline left to the young.

Wages Plunge Most In Last 8 Years

This was the biggest crash in hours earnings since the data series began in 2006. USA Today reports,

There is MUCH MORE to to story, read it at GramsGold.com

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