First a few passages from Zero Hedge and MISH.
Over at Zerohedge
But most notably, and disturbingly, is that the industry with the most job gains in July was also the second lowest paying one: retail, which saw an addition of 47,000 jobs: far and away the biggest winner in the past month. The worst paying industry - temp jobs - rose by 8K in July following a revised 16K increase in June. And the reason for the swing in July: the plunge in another low-quality job group: Leisure and Hospitality, which increased by only 23K in July following 57K additions in June.
While MISH shows.
Explaining the Unemployment Rate Drop
Over at Zerohedge
But most notably, and disturbingly, is that the industry with the most job gains in July was also the second lowest paying one: retail, which saw an addition of 47,000 jobs: far and away the biggest winner in the past month. The worst paying industry - temp jobs - rose by 8K in July following a revised 16K increase in June. And the reason for the swing in July: the plunge in another low-quality job group: Leisure and Hospitality, which increased by only 23K in July following 57K additions in June.
While MISH shows.
Explaining the Unemployment Rate Drop
- Employment rose by 227,000 of which 103,000 were part-time jobs.
- The Civilian Labor Force Declined by 37,000 even though population rose by 204,000.
- Those "Not in Labor Force" rose by 240,000.
- Participation Rate fell 0.1 to 63.4%, a mere 0.1 higher than the low of 63.3% dating back to 1979.
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