Posted on 01/10/2014 1:13:05 PM PST by Jim Robinson
Friday's December jobs report, showing the economy added just 74k jobs last month was itself a major disappointment. Economists had expected the economy to add around 200k jobs. Looking into the details of the report, however, reveals an even bleaker picture of the labor market. Well over half the jobs added in December, 40k, were in temporary employment.
The biggest sectors to see job growth in December were retail and wholesale trade, in addition to temporary services. Together, these sectors added over 100k jobs, meaning the rest of the economy shed jobs last month. Temporary jobs are obviously just that and don't provide a solid economic footing for those in the field. Retail and wholesale trade, meanwhile, generally offer compensation at the low-end of the pay scale.
Because the growth in retail employment (+55k) occurred during December, the busiest time of the year for the industry, it is unlikely the sector will be able to sustain this growth in the early months of 2014.
(Excerpt) Read more at breitbart.com ...
And at the end of December the unemployed could not contribute to the economy either
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