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The Latest US Job Report Is Another Fiction: Dr. Paul Craig Roberts

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By Dr. Paul Craig Roberts

There were not 312,000 new jobs created in December.

Nevermind. Where does the Bureau of Labor Statistics tell us the jobs are.

Health care and social assistance together with leisure and hospitality account for 36% of the new jobs, with 40,000 new waitresses and bartenders. Retail trade (possible as December is the Christmas month) and administrative and waste services account for 16%. Over half of the new jobs are concentrated in lowly paid and part time sectors.

What about the jobs that people who go to college expect to get? A lot of MBAs are awarded. What of their prospects? In December 400 were hired for management of companies and enterprises. What about lawyers? Employment in legal services declined by 600 jobs. 1,400 people found jobs in architectural and engineering services. 2,200 in computer systems design and related services. These job categories accounted for 1% of the new jobs.

You get the picture. Even if the jobs the BLS claims are actually there, they are not the kind of jobs that bring upward mobility and encourage robust consumer spending. Today, short on discretionary income, most Americans have to use debt to finance their spending. An economy based on debt is a financialized economy.

https://www.globalresearch.ca/the-latest-us-job-report-is-another-fiction/5664953

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This article was originally published on the author’s blog site: Paul Craig Roberts Institute for Political Economy.

Dr. Paul Craig Roberts is a frequent contributor to Global Research.

More Jobs Fictions. Payroll Job Reports and Labor Statistics in America

The original source of this article is Global Research

Copyright © Dr. Paul Craig Roberts, Global Research, 2019


Articles by: Dr. Paul Craig Roberts

About the author:

Paul Craig Roberts, former Assistant Secretary of the US Treasury and Associate Editor of the Wall Street Journal, has held numerous university appointments. He is a frequent contributor to Global Research. Dr. Roberts can be reached at http://paulcraigroberts.org

Disclaimer: The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible for any inaccurate or incorrect statement in this article. The Centre of Research on Globalization grants permission to cross-post Global Research articles on community internet sites as long the source and copyright are acknowledged together with a hyperlink to the original Global Research article. For publication of Global Research articles in print or other forms including commercial internet sites, contact: publications@globalresearch.ca

www.globalresearch.ca contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.

For media inquiries: publications@globalresearch.ca

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