This morning, I mentioned how little I care about the discrete monthly NFP data each month, saying the “overall trend” was what mattered. Specifically, I suggested looking at internals of the report for trends in wages, temp help, hours worked, etc. to determine the overall health of the labor market.
This report showed a continuation of a trend I find to be unhealthy: The outside contribution of low wage sectors to the NFP report.
Leisure and hospitality, health care and social assistance, retail and temporary jobs — all low wage sectors — have been responsible for over half (51%) of the private sector job growth the last year.
Weak wage growth is function of slack in the labor force and a lack of negotiating power amongst job holders and seekers.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.