The overwhelmingly sad reality is that jobs are much more scarce than reported in the United States. The jobs that made the US the dominant economy have been moved off shore by corporations threatened by Wall Street with takeovers if they did not increase their profits. The easiest way for corporations to increase profits is to take advantage of cheap labor in countries with massive quantities of unemployed labor.
According to the Bureau of Labor Statistics, the jobs created are the usual lowly paid non-exportable domestic service jobs–the jobs of a third world country. The top three industries with the most jobs are waitresses and bartenders which account for 38,100 of the jobs. Temporary help services provided 25,600 jobs and the retail trade accounts for 27,700 of the jobs.
Most people are wondering why is the financial press happy that the US economy can only create third world jobs? The BLS job reports are not indicating the vast number of jobs for new college graduates? The labor market is not where is said to be and this is very troubling for people.
Picture by CongressmanBobbyRush