by David Stockman
David Stockman’s Contra Corner
…….Needless to say, the lack of good jobs lies at the bottom of the wealth and income drought on main street, and the recent BLS jobs reports provide still another reminder.
During the last seven months goods-producing jobs have been shrinking again, even as the next recession knocks on the door. These manufacturing, construction and energy/mining jobs are the highest paying in the US economy and average about $56,000 per year in cash wages. Yet it appears that the 30-year pattern shown in the graph below——lower lows and lower highs with each business cycle—-is playing out once again.