Jobs Are Back!

[Bryan Hancock]

Jobs are back and the economy is recovering. How do you spin this doom and gloomers?

Jobs Are Back! Recovery Abounds

[Account Closed]

I just read a couple articles about the new jobs report, including the one Bryan linked. CNN's current headline reads "Jobless rate plummets" and they are quick to point out "...employers added 120,000 jobs in November." Good news, right?

But, then when you dig deeper you can find the whole truth. The unemployment rate dropped 0.4 percentage points because 120,000 jobs were added and "315,000 people had given up looking for work and were no longer counted as unemployed." (That quote is from USAToday -- CNN leaves out this number for some reason. CNN just says "...even more people gave up on their job searches altogether" and doesn't want to give the exact number.)

Also from USAToday:

"More than half the jobs added were by retailers, restaurants and bars, a sign that holiday hiring has kicked in."

Further down they show by "more than half" they mean 72,000 jobs (60%). 72,000 low-paying, temporary jobs. What happens in January?

I hate to be a "doom and gloomer." I really do. Trust me, I could care less which political party gets credit for the recovery. I want and NEED people to get good-paying jobs so my business can succeed. But, I just don't see this as a recovery. Nearly triple the number of people are falling off the unemployment radar by giving up instead of getting a job. Not good news. More than half the jobs being created are low-pay retail jobs. Not good news. These people are the ones that get back all of their federal income taxes (and most likely MORE in tax credits if they have kids). Not good news.

Yes, I understand there are little pockets of recovery throughout the nation (like Austin, which I visited last month). Some of that is due to new companies starting up. Some of that is due to existing companies moving from business-unfriendly states like California. But, the nation as a whole still has a long way to go for a true recovery that includes good-paying, long term jobs.