|Today's Employment Report released by the government was a head fake for markets.
According to Harry Dent, “Of the 288,000 private jobs added in February, more than 27% fell to industries that pay below an average hourly wage of $15.83. These jobs are typically in restaurants, gas stations, grocery and general merchandise stores. While it is encouraging that we are adding people to the employment rolls, it’s important to note that retail and low-level service jobs do not pay well enough for workers to increase their spending and push the economy forward.”
We should also note that more than 300,000 jobs were lost in the month, more than the number of jobs supposedly created. This was due to shrinkage of the labor force as the number of people actually holding jobs shrank to the lowest level in decades.