Where the Hell Is the Outrage?

[jtuck004]

97. Here's some more truth for ya'...

Here.

...

...the one sector that added the most jobs in June, leisure and hospitality. That category comprised 75,000 of the 195,000 new jobs in June. Of that, 52,000 came from food services and drinking places, and 19,000 came from “amusements, gambling, and recreation.”

The average hourly wage in that industry was $13.46, and average hours were flat at 26.1. That includes all workers, she pointed out. For those in non-supervisory roles, the bulk of the employees, the average hourly wage was $11.75, “for an average gross weekly income of …siddown…$294.93.”

There you have it. The single biggest chunk of new jobs in June paid an annual salary of roughly $15,000. That’s why you need to get past the headline numbers and see what the report is really saying. The economy is not going to grow on its own with those kinds of jobs. And this was a good month. It all helps explain the weakness of the recovery, the weakness of corporate sales growth, and the hesitancy of the Fed to remove the wooden supports it’s wedged under the economy.

“There’s your big add,” McCullough wrote, in her usual blunt style. “There’s the hot, steaming work force behind our GDP growth.”

And this hot steaming pile will leave tens of millions of people in poverty for decades, because people can't eat excuses.