Reality Note: “A Job” Is Not The Same As a Good Job
The April employment numbers from the government came out today, and Wall Street is rejoicing. According to government figures, 244,000 new jobs were added to employment rolls last month.
Sound good? Maybe not.
The largest number of these new jobs (57,000) were in the retail sector, traditionally low-paid, few benefits employment. And then there’s the McDonald’s factor. Last month there was national news about McDonald’s hiring 50,000 new workers in one fell swoop. Watching the news we were all treated to the sight of people around the country in long lines to apply for these positions.
With so many applicants we can safely assume that all (or most) of the 50,000 jobs at McDonald’s, a great many of them replacement workers, by he way, (turnover in this kind of work is very high), were filled.
So if 50,000 or so of the 57,000 new retail jobs were the McDonald’s variety, and many were replacement positions, what does that tell you about the “great” April jobs number? Especially, it must be added, since the bulk of other new jobs reported in April were in health care (mostly low paid nurses-aides and janitorial), and hospitality (dressing up like a mouse or making hotel beds).
A job is not necessarily a good good job. Except to Wall Street.
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