In a Sign of the Economy’s Strength, Jobs and Wages Moved Higher in August
According to today’s payroll jobs report from the Bureau of Labor Statistics, the economy created 200,000 new jobs in August. These jobs, assuming that they exist, are reported to be in low paid domestic service jobs such as transporting and selling goods, ambulatory health care services, and waiting tables and mixing drinks. There are none in manufacturing or in the “high tech clean fingernail” jobs that neoliberal economists promised the American work force in exchange for letting the industrial and manufacturing jobs go to Asia.
The great mystery is how these jobs can possibly have been created when the Bureau of Labor Statistics Household Data (Table A) https://www.bls.gov/news.
It is not explained how during August the Household Survey found unemployment to rise by 423,000 and the work force to shrink by 692,000 for a total of 1,115,000 missing working people, but the economy created 200,000 new payroll jobs.
According to the financial presstitutes, we have a booming economy and labor shortages steming from a 3.9% unemployment rate, which if it were real would probably be the lowest in my lifetime. Economists are puzzled why there is no upward pressure on wages when there are not enough workers to go around. All of this mystery is due to the fact that the unemployment rate does not count workers who cannot find jobs and have dropped out of the work force. If an unemployed person has not looked for a job in the past four weeks, the unemployed person is not counted as unemployed.