FacebookTwitterRedditEmail

Another Phony Jobs Report

The payroll jobs report for May released continues the fantasy.

Goods producing jobs declined, with manufacturing losing another 4,000 jobs, but the New Economy produced 179,000 service jobs.

Are these jobs the high-powered, high-wage  “innovation jobs” that economists promised would be our reward from Globalism.  I’m afraid not.

According to the Bureau of Labor Statistics, the jobs created are the usual lowly paid non-exportable domestic service jobs–the jobs of a third world country.

Retail trade accounts for 27,700 of the jobs.

Wholesale trade accounts for 7,900 jobs.

Ambulatory health care services accounts for 15,300 of the jobs.

Waitresses and bartenders accounts for 38,100 of the jobs.

Local government accounts for 13,000 of the jobs.

Amusements, gambling, and recreation accounts for 12,500 of the jobs.

Temporary help services provided 25,600 jobs.

Business support services provided 4,300 jobs.

Services to buildings and dwellings provided 6,400 jobs.

Accounting and bookkeeping services provided 3,100 jobs.

Architectural and engineering services provided 4,900 jobs.

Computer systems design and related provided 6,000 jobs (most likely filled by H-1B work visas).
howecon

Management and technical consulting services provided 3,200 jobs.

For a decade this has been the jobs profile of “the world’s most powerful economy.”  It is the profile of third world India 40 years ago.  The jobs that made the US the dominant economy have been moved off shore by corporations threatened by Wall Street with takeovers if they did not increase their profits.

The easiest way for corporations to increase profits is to take advantage of cheap labor in countries with massive quantities of unemployed labor.

So, if we believe the BLS report, and the reported new jobs are not simply a product of faulty season adjustments and a faulty birth-death model, why is the financial press happy that the US economy can only create third world jobs?  Why was the stock market up on the news that the US economy has created 179,000 third world jobs?

Would rational markets be up on such discouraging news?

But are the jobs really there?

With retail sales going nowhere, why 35,600 new jobs in wholesale and retail trade?

With real median incomes declining, why 38,100 more waitresses and bartenders? For every month as long as I can remember the BLS reports numerous new jobs in waitresses and bartenders, despite the long-term decline in real median income.

In the May jobs report, where are the jobs for the vast number of new college graduates?

The US now has more hotel maids, bartenders, and waitresses than it has manufacturing workers. The US has twice as many people employed in government than in manufacturing.

The services of maids, bartenders, waitresses, and government cannot be exported.

Therefore, the US trade deficit remains large and without exports to reduce it, a crisis in itself.

What the BLS jobs reports have been telling us for many years is that the US economy is in crisis, in a death-spiral.  Yet, not a handful of economists’ voices have been raised.

Today president obama’s economist said that the notch upward in the unemployment rate was because the economic outlook was so good that more people were encouraged to enter the labor market than there were new jobs available.

The conclusion is inescapable:  The same government that lies about weapons of mass destruction, Saddam Hussein’s al-Qaeda connections, Iranian nukes, and so on, also lies about jobs, the unemployment rate, the inflation rate, rigs every financial and commodity market, pretends that terrorism is such a threat that the US Constitution must be set aside and that Americans are safer without the protection of habeas corpus and due process.

It is amazing how rare terrorism is, especially with Washington in the second decade of trying to stir up terrorism by invading countries on totally false pretenses, murdering citizens of countries, such as Pakistan and Yemen with drones, and supporting Israel’s never-ending murder and dispossession of the Palestinians.

After such massive provocations from Washington, one would think that the world would be ablaze with terrorism. But it isn’t.

As there is so little terrorism, Washington and its presstitute media call those who resist

Washington’s invasion of their countries “terrorists.”  Everyone who resists Washington’s military aggression is a terrorist.  Just ask the New York Times, Fox News, or any neoconservative. Or, for that matter, the Bilderbergs, the Council on Foreign Relations, the Trilateral Commission, and Homeland Security, the Gestapo organization that now defines all American dissenters to be “domestic extremists.”

Washington’s claim that Americans have “freedom and democracy” is the sickest joke in human history.

In 21st century America, defendants have no more rights than the accused in Nazi Germany or Stalinist Russia. The FBI now shoots “suspects” brought in for questioning in the back of the head even before the suspect is arrested. 

Long before Bradley Manning’s trial the presstitutes have convicted the accused based on lies leaked by the prosecutors. Consider Bradley Manning.  After three years of detention, including one year of torture, he is brought to a rigged trial as a national security danger.  All that Bradley Manning did was to comply with the Military Code and report war crimes.  As his corrupt superiors did not want to know, he complied  with his duty, apparently, by going public.

Paul Craig Roberts is a former Assistant Secretary of the US Treasury and Associate Editor of the Wall Street Journal. His latest book is  The Failure of Laissez-Faire Capitalism. Roberts’ How the Economy Was Lost is now available from CounterPunch in electronic format. 

More articles by:

Paul Craig Roberts is a former Assistant Secretary of the US Treasury and Associate Editor of the Wall Street Journal. Roberts’ How the Economy Was Lost is now available from CounterPunch in electronic format. His latest book is The Neoconservative Threat to World Order.

bernie-the-sandernistas-cover-344x550
Weekend Edition
February 21, 2020
Friday - Sunday
Anthony DiMaggio
Election Con 2020: Exposing Trump’s Deception on the Opioid Epidemic
Joshua Frank
Bloomberg is a Climate Change Con Man
Jeffrey St. Clair
Roaming Charges: Billion Dollar Babies
Paul Street
More Real-Time Reflections from Your Friendly South Loop Marxist
Jonathan Latham
Extensive Chemical Safety Fraud Uncovered at German Testing Laboratory
Ramzy Baroud
‘The Donald Trump I know’: Abbas’ UN Speech and the Breakdown of Palestinian Politics
Martha Rosenberg
A Trump Sentence Commutation Attorneys Generals Liked
Ted Rall
Bernie Should Own the Socialist Label
Louis Proyect
Encountering Malcolm X
Kathleen Wallace
The Debate Question That Really Mattered
Jonathan Cook
UN List of Firms Aiding Israel’s Settlements was Dead on Arrival
George Wuerthner
‘Extremists,’ Not Collaborators, Have Kept Wilderness Whole
Colin Todhunter
Apocalypse Now! Insects, Pesticide and a Public Health Crisis  
Stephen Reyna
A Paradoxical Colonel: He Doesn’t Know What He is Talking About, Because He Knows What He is Talking About.
Evaggelos Vallianatos
A New Solar Power Deal From California
Richard Moser
One Winning Way to Build the Peace Movement and One Losing Way
Laiken Jordahl
Trump’s Wall is Destroying the Environment We Worked to Protect
Walden Bello
Duterte Does the Right Thing for a Change
Jefferson Morley
On JFK, Tulsi Gabbard Keeps Very Respectable Company
Vijay Prashad
Standing Up for Left Literature: In India, It Can Cost You Your Life
Gary Leupp
Bloomberg Versus Bernie: The Upcoming Battle?
Ron Jacobs
The Young Lords: Luchadores Para La Gente
Richard Klin
Loss Leaders
Gaither Stewart
Roma: How Romans Differ From Europeans
Kerron Ó Luain
The Soviet Century
Mike Garrity
We Can Fireproof Homes But Not Forests
Fred Baumgarten
Gaslighting Bernie and His Supporters
Joseph Essertier
Our First Amendment or Our Empire, But Not Both
Peter Linebaugh
A Story for the Anthropocene
Danny Sjursen
Where Have You Gone Smedley Butler?
Jill Richardson
A Broken Promise to Teachers and Nonprofit Workers
Binoy Kampmark
“Leave Our Bloke Alone”: A Little Mission for Julian Assange
Wade Sikorski
Oil or Food? Notes From a Farmer Who Doesn’t Think Pipelines are Worth It
Christopher Brauchli
The Politics of Vengeance
Hilary Moore – James Tracy
No Fascist USA! Lessons From a History of Anti-Klan Organizing
Linn Washington Jr.
Ridiculing MLK’s Historic Garden State ‘Firsts’
L. Michael Hager
Evaluating the Democratic Candidates: the Importance of Integrity
Jim Goodman
Bloomberg Won’t, as They Say, Play Well in Peoria, But Then Neither Should Trump
Olivia Alperstein
We Need to Treat Nuclear War Like the Emergency It Is
Jesse Jackson
Kerner Report Set Standard for What a Serious Presidential Candidate Should Champion
ADRIAN KUZMINSKI
Home Sweet Home: District Campaign Financing
Kollibri terre Sonnenblume
The Latest BLM Hoodwinkery: “Fuel Breaks” in the Great Basin
Wendell Griffen
Grace and Gullibility
Nicky Reid
Hillary, Donald & Bernie: Three Who Would Make a Catastrophe
David Yearsley
Dresden 75
FacebookTwitterRedditEmail