Latest Jobs Report Shows Shocking Trends

People - Photo by Lazy B
The jobs numbers that came out last week were spun to be good news because there were 230,000 new jobs. But looking closer into the numbers reveals a more insidious trend.

According to Peter Schiff on the Nonfarm Payroll Job Numbers for July 2014, he says
:The projected estimate was that 230,000 new jobs would be created. It came in at 21,000 less, at 209,000 jobs created in June. Some of the job creation was left over demand from the bad weather, when employers were not hiring in the first quarter. So the trend is way down.

Unemployment rate ticked up from 6.1 to 6.2% , and the Labor Force Participation Rate went up from 62.8% to 62.9%, still at 35 year lows.

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The percentage of people working is at the lowest rate in 35 years

Demographics:

 

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Age 16-24: Gained 83,000 jobs  

 

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Age 25-54: Peak Earning Years – A net loss of 142,000 jobs.  

 

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Age 55-69: Gained 159,000 jobs, comprising 22% of the workforce

The group that needs the good jobs the most, in their peak earning years of 25-54 LOST 142,000 jobs.

The group that is supposed to be retiring and living off their savings, the over 55 group, gained the most jobs of all.  The Fed is saying the reason that the labor force is shrinking is because all the baby boomers are retiring.

No, the older people are having to go back to work. Their CDs make no interest and inflation is eating up their existing money.

And the young people, age 16-24 are either summer jobs or college kids getting jobs. These are low-paying, part-time jobs.

The shocking trends for jobs are:

  • There are  less jobs created than expected  and compared to last month.
  • The job gains are only for young and older workers.
  • For people in the peak earning years of 25-54, jobs are being lost by the hundreds of thousands per month.
The reason we keep hemorrhaging good jobs and creating low paying part-time jobs is simple:It’s the Economy, Stupid.

Article authored by Carol Serpa. You can find the original story right here.
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