"Of the 169K jobs added, the vast majority, some 144K or 85% of the entire August gain, consisted of the lowest paying jobs possible:
- +44K jobs added in Retail Trade
- +43K added in Education and Health
- +27K added in Leisure and Hospitality
- +17K added in Government (looks like sequester effect has finally "tapered")
- +13K added in Temp Help services
But at least they are full-time "lowest paying jobs" possible. If there was one silver lining in today's jobs report it is that Full Time jobs added finally surpassed the Part-Time jobs, which actually declined.
Elsewhere, for those still confused by the Beige Book's idiotic proclamation that there are construction worker shortages, don't tell the BLS: the number of jobs added in the Construction sector: 0. Narrowing it down to just construction jobs of residential buildings, the number was down 3.9K. So much for that lie.
As for the two highest paying job categories: Financial Services and Information? -5,000 and -18,000 respectively.Financial services lost 5000 jobs. I'm going to guess that had something to do with mortgage rates going up. At least it did for 2300 who were laid off in Wells Fargo's mortgage division.
I don't know what to say about the Information job losses. The NSA can't possibly be cutting back as we found out recently from Zerohedge that, "140 million landline and wireless paying AT&T customers is the minimum number of affected Americans whose every call is recorded, however not directly or indirectly by the government, but rather by a private corporation working in collaboration with the US government.
The name of the collaboration: the Hemisphere Project, fomerly Hudson Hawk."
I wish I could write stuff this good.