The Smirking Chimp: "An Economy Driven By Debt
Paul Craig Roberts, CounterPunch
The November payrolls job report was announced Friday with the usual misleading hype. Spinmeisters made the most out of the 215,000 jobs. Looking beyond the glitter at the real facts, this is what we see. 21,000 of those jobs were government jobs supported by taxpayers. There were only 194,000 new jobs in the private sector.
Of those new jobs, 37,000 are in construction and only 11,000 are in manufacturing. The bulk of the new jobs--144,000--are in domestic services.
Wholesale and retail trade account for 20,000. Food services and drinking places (waitresses and bar tenders) account for 38,000.
Health care and social assistance account for 27,000. Professional and business services account for 29,000. Financial activities gained 13,000 jobs. Transportation and warehousing gained 8,000 jobs.
Very few of these jobs result in tradable services that can be exported or help to close the growing gap in the US balance of trade."
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