Jobless Rate Lowers, Market Soars
165,000 jobs were added in the United States economy in April. That figure was 25,000 more than expected. The unemployment rate dropped to 7.5%.
The positive numbers added to a stock market rise, which saw the DOW top 15,000 for the first time in history, while the S&P climbed above 1600.
The largest increase were restaurants and bars, which added 38,000 jobs; temporary services, which added 31,000 jobs; and retailers, which added 29,000 jobs. The negative side showed the government cutting 11,000 jobs in April.
What does this all mean to the average “working stiff”?
The large numbers are all minimum wage jobs, or jobs that include gratuities as part of the income. The well-paying jobs have not returned. The so called “Job Creators” continue to keep their bloated profits in the Cayman Islands.
Only 63.3% of the civilian population, over age 16, is either working or looking for a job. This is the lowest number since May of 1979.
Taking the biggest hit are “blue collar” jobs, especially in the auto industry. Automation has resulted in fewer jobs, while the industry itself is doing well. Another blue collar business, construction, lost 6000 jobs.
The Health Care Industry continues to see a steady increase, adding 19,000 jobs in April.
At the height of the economic downturn, the nation lost 8.7 million jobs. Of that number, 6.2 million have returned, though the average income has declined.
The 2010 Census showed that between 1999 and 2009, the gap between the working class and those with the highest incomes and the wealthy widened considerably.
And there is one more lingering question; how many Americans simply have given up their search for full-time employment? Personally, I fit into that category. Age discrimination was one obstacle I couldn’t overcome.
Columnist-The Guardian Express