When Obama made another TV appearance earlier this week, taking credit for the Fed’s reflation of the stock market as somehow indicative of an economic “recovery” (“fiction peddlers” not allowed in the crowd), he once ignore the underlying “facts” behind said recovery: here is another way of showing the unprecedented transformation in the US labor pool: since December 2014, the US has added 455,000 waiters and bartenders, while losing 10,000 manufacturing workers.
Behold: “Obama’s recovery.”
… which we find curious in light of all the recent “hirings” of robots to replace minimum-wage workers who are demanding higher wages. Something tells us the BLS’ goalseeking model will be in for a major shock one day when it finds just what the underlying picture behind the US “water and bartender recovery” truly is.
In any event, here is the longer-term picture, going back to the start of the crisis in December 2007: please do not “peddle fiction” upon seeing this chart.
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