Mish, once again, goes over the real numbers and, among many other things, shows this:
Highlights
* 11,000 jobs were lost in total vs. 190,000 jobs last month.
* 27,000 construction jobs were lost vs. 62,000 last month.
* 41,000 manufacturing jobs were lost vs. 61,000 last month.
* 58,000 service providing jobs were added vs. 61,000 lost last month.
* 15,000 retail trade jobs were lost vs. 40,000 last month.
* 86,000 professional and business services jobs were added vs. 18,000 added last month.
* 40,000 education and health services jobs were added vs. 45,000 added last month.
* 11,000 leisure and hospitality jobs were lost vs. 37,000 last month.
* 07,000 government jobs were added vs. 0 added last month.
A total of 69,000 goods producing jobs were lost (higher paying jobs). Retail and professional services contributed massively to to the plus side.
In my view, this is very bad – and I highly suspect the 86,000 number for “professional and business service” jobs, as well as the 58,000 for “service providing”. It seems to me that the numbers for October and November were tailor-made to have jobs lost number come in just where, say, a banker or bureaucrat would want it to be – presuming that said bankers and bureaucrats want us to doubt our lying eyes and believe them about the state of the economy.
But even if these numbers are rock-solid, the loss of 102,000 manufacturing jobs and 89,000 construction jobs over the past two months indicates to me that if we are growing our economy, we’re growing it in the wrong way. We need to be doing more real work and less paper shuffling – the jobs numbers indicate that whatever growth we’re having, its at the expense of those who actually create wealth.
We need to return to the economy of making, mining and growing our own stuff – until we do, we’re just spinning our wheels.
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