Friday, August 12, 2005

John Kline says growing number of bartenders is encouraging economic news

From John Kline's latest newsletter:
(with information he forgot to include in red)
The most recent report from the U.S. Labor Department revealed more encouraging news about the ongoing job creation occurring throughout the United States. Another 200,000 jobs were created in July (the vast majority of them in the domestic service sector including 30,000 jobs bartending or waiting on tables) - bringing the total jobs created over the past year to 2 million.

More Americans have jobs today than at any other time in history. (Could that be because we have more people than anytime in history? That might also explain why we "own more homes" than any time in history or "produce more fecal matter" than any time in history) Over the past two decades the U.S. has created more than 40 million jobs. (Most of those jobs were created during the Clinton administration) This is more than twice the number of jobs created in Europe and Japan combined - hardly the "jobless recovery" bemoaned by partisans just last year. (Job wise we're now treading water because of new grads entering the market and losing ground on wages vs. inflation)

In the past 24 months 3.5 million more Americans have found work. Every single job that was lost during the bursting of the technology bubble and stock-market collapse of 2000-2001 has been matched by a new job - often in a new industry (I'm sorry, that's an outright lie.) . A unique feature of the U.S. economy is that Americans move in and out of jobs at a rapid and persistent pace. (Especially if you're a bartender or waitress) This is the key to America's consistent job creation and a reason to be optimistic about continued economic growth. (Please put money in the tip jar so I can send my kids to college so they can get an engineering degree and then wait tables)

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