The February payroll jobs figures released last Friday by the Bureau of Labor Statistics show a continuation of America’s descent into a Third World service economy.
The Bush administration cheered the creation of 229,000 private sector jobs (which still leaves Bush with a net private sector job loss during his reign). However, once we look at the details, the joy vanishes: 174,000 of the jobs, or 76% of the total, are in nontradable services.
Administrative and waste services (largely temporary help and employment services) account for 61,000 or 35% of the new service jobs. The remainder are accounted for by construction (30,000), retail trade (30,000), healthcare and social assistance (27,000), and waitresses and bartenders (27,000).
The US has apparently lost the ability to create high productivity, high value-added jobs in tradable goods and services. The ladders of upward mobility are being dismantled by offshore production for home markets and outsourcing of knowledge jobs.
Roberts 3/8/05 article
Wednesday, March 23, 2005
Speaking of Paul Craig Roberts and the economy...
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