Another Labor Day in the era of low labor participation
Buckle your seat belts, because President Obama's approval ratings are actually over 50%. I'd love to ask those people a simple question: do you follow the news?
How does he do it? I guess a little help from a "blind love" media is probably behind that.
The latest jobs report reads a lot like the last one. This is from CNBC:
In addition to the below-expectation number, wage growth actually took a step back, with hourly earnings up just 3 cents and an annualized pace of 2.4 percent. The average work week declined 0.1 percent to 34.3 hours.
That was largely because the biggest jobs gains came in bars and restaurants, which added 34,000 positions.
Social assistance grew by 22,000, professional and business services added 22,000 and Wall Street-related positions grew by 15,000. Health care also contributed 14,000.
Let's hear it for the bars and restaurants. I hear they are doing quite well around Wrigley Field or wherever the Cubs go for a series these days.
On a more serious note, high-paying jobs, such as in manufacturing and construction, were reduced a bit. More bad news: hours worked the lowest since 2011.
To be fair, August is always a bit of a slow month, so maybe the October report will give us something to cheer about.
In the meantime, we celebrate another Labor Day in The Age of Obama, where the busiest avenue is the one traveled by those who are not participating in the labor force – i.e., all 94 million!
P.S. You can listen to my show (Canto Talk) and follow me on Twitter.