The Bottom Line on Job Gains

 

WOW, 192,000 jobs were created . . . again it is in the numbers depending on who likes to follow the sheep, looking through the wool pulled over their eyes.

To get the unemployment rate down to 6 percent in 2014 we would need over 300,000 new jobs a month, every month by then.

Most of the new jobs created since February 2010 are paying significantly lower wages than the jobs lost in January 2008, not counting a decrease in benefits.

The prime losses were higher-wage jobs paying an average of $19.05 to $31.40 an hour, the prevalent gains have been in lower-wage jobs paying an average of $9.03 to $12.91 an hour.

Bottom line it isn’t about job gains, it is more about the loss of wages and benefits.