Job growth is allegedly “steady” but unemployment increases — so said the statistics. But, here’s the thing — these stats still miss an important point.
Here’s the basic rap out there:
Despite the chaos and uncertainty hovering over tax rates and government budget cuts at the turn of the year, job growth accelerated at the end of 2012 and was even faster than originally estimated, the Labor Department said on Friday. Job growth also continued at a steady if modest pace in January, with employers adding 157,000 payroll positions, though the unemployment rate ticked up to 7.9 percent.
Better readings on construction spending, manufacturing and consumer sentiment released on Friday also allayed fears that had arisen from a sour report on the nation’s economic growth earlier in the week.
My point always is: these kinds of discussions should always include what do the new jobs pay. And what are the connected benefits: health care, pension (ha!..because no one gets a pensions anymore). Because it’s fine to get a job but if you are working at Wal-Mart you are still part of the working poor. So, jobs reports rarely give us a full picture of what it’s like to try to get by day to day.