Hey Bartender! March Jobs Added 236k, Avg Wage Growth Falls To 4.2% (Too Bad Inflation Is 6%), Low Paying Leisure & Hospitality Leading Jobs Added At 72k

Hey Bartender!

Joe Biden loves to brag about “his” great economic successes, particulary in jobs added. But the jobs added in March were not in higher-paying factory jobs, but Biden’s building from the bottom-up approach is mostly low-paying leisure and hospitality jobs.

And here is the rub on wages. Average hourly earnings growth fell to 4.2% YoY, too bad inflation is 6% and expected to rise with the summer.

236k jobs added in March, down from a revised 326k jobs added in February. The unemployment rate fell to 3.5% and labor force participation rose slightly to 62.6%.

Construction jobs added were down -9k. Retail jobs were down -14.6k jobs. But leisure and hospitality jobs added were +72k.

Bear in mind that many of the jobs added were simply jobs added back after the catestrophic Covid government shutdowns.

The good news? Labor force participation is slowly recovering from the damage caused by the government shutdown of the economy.

The result? The 2-year Treasury yield is up 14.3 basis points.

Here is Lloyd from the film “The Shining.” A big fan of Biden’s bartender economic recovery.