I'm No Economist But....

28,700 new jobs were created in the third quarter of this year, compared to 14,100 in the same period last year.

Of all the major sectors, growth in the services sector was the healthiest - from 7,100 jobs in the third quarter of 2004 to 18,400 in the third quarter of this year.

The construction industry also provided some 2,300 jobs in the third quarter

[link]

I'm no Economist, but..

I don't want to be the rain on the parade, be a wet blanket, that kind of shite.

But, yes. Before you go do a victory dance in honor of the improving job situation, stop.

There may be more jobs, in the services sector, and construction industry, or in simplified, layman language, more waiter and construction worker jobs.

Wow, that's an achivement eh? Give those people responsible a roaring standing ovation, for these waiter and construction jobs.

Taking in account this, should't the improvment in job creation numbers include the wages?

Think about it:

If four persons previously earning $2000/mth are retrenched, and they took up the 'newly created' waiter jobs, paying $1000/mth each.

Don't you think that instead of 4 new jobs created, taking in account the wages, it would be only a net gain of 2 new jobs.

So what if high paying jobs (>$2000) are lost, and replaced by many $500 shit jobs?

link:

A real sucess story of upgrading - from a street busker to an ice-cream hawker.