Job Growth: Not All Sectors Are Equal

On Friday, a panel on Fox Business tried to find the downside of a impressive jobs report. Despite showing strong job growth and wage increases outpacing inflation, one panelist, Joanie Bily, wasn't convinced. She pointed out that most new jobs came from healthcare and leisure/hospitality sectors, which she considered low-paying. She urged viewers to focus on the loss in manufacturing jobs and the modest gain in construction jobs.Bily argued that if you ignore these two sectors, the report isn't as impressive. Even after removing those jobs, there was still a net gain of 140,000 jobs, close to the expected 150,000. Host Maria Bartiromo agreed, saying she had changed her mind about the report because it showed growth in low-paying and government jobs, not the high-paying jobs they wanted to see.