by: the Common Constitutionalist
The much ballyhooed April jobs number is out and it once again shows how well the Obama economic recovery is going.
It’s been almost 7 years. Shouldn’t we have recovered by now? Heck, in Reagan’s seventh year, we were running like a well oiled machine, but I digress.
Yesterday Tyler Durden at Zero Hedge had an interesting perspective on the One’s recovery progress. He wrote that underlying April’s great jobs number of 223,000 is a disturbing trend. Of that number, only 1000 manufacturing jobs were added.
He wrote: “Putting this in perspective, for every manufacturing job added in April there were 26 new waiters and bartenders confirming the robustness of America’s jobs recovery.”
Durden goes on to explain that “since the start of the second great recession in December 2007, there have been 1.4 million manufacturing jobs lost. They have been almost completely offset by the 1.3 million waiter and bartender jobs gained. In short: serving food is the new making stuff.”
He also attached a chart showing which industries gained and which lost. Interestingly while government added 10,000 jobs in April, the biggest losers were manufacturing, which gained only the aforementioned 1000 jobs and wholesale trade (business-to-business) which lost 4000 jobs. But by far, the biggest loser was mining and logging, which lost 11,000 jobs in March and another 12,000 in April. Gee – I wonder what type of mining might be losing so many jobs. Could it be the coal mining industry perhaps?