The New Economy

November 07, 2009

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MISH has picked up on an important aspect of the recent job numbers that shouldn’t be overlooked. Not all sectors are shrinking…

190,000 jobs were lost in total vs. 263,000 jobs last month.
62,000 construction jobs were lost vs. 64,000 last month.
61,000 manufacturing jobs were lost vs. 51,000 last month.

Whereas,

45,000 education and health services jobs were added vs. 3,000 added last month.

Government jobs stayed steady, but, as MISH notes, “this trend is likely to reverse in a major way with as of yet unannounced son-of-stimulus and grandson-of-stimulus jobs packages.” Making stuff is out, working in hospitals and public schools is in. If the U.S. economy ever does recover, it will be changed utterly—and socialized to the hilt.

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