Economic Report: High paying factory jobs continue to be replaced by low paying service industry job

[Omaha Steve]

http://www.laborradio.org/node/4579

Economic Report: High paying factory jobs continue to be replaced by low paying service industry jobs

Economic Report:

While the unemployment rate fell by its lowest rate since May 2001 last month - the news isn't rosy in all sectors. According to the Economic Policy Institute the nation's factories let go of 39,000 jobs in October - the worst monthly loss since August of 2003. Overall factory employment is down by 187,000 jobs since September of 2003. Many of the job gains came in the service sector - which added 43,000 jobs. That continues the trend of lower wage jobs being created to replace higher paying jobs

[whistle]

1. Last week Ford Motor Company announced the elimination of

....35,000 more jobs of which 10,000 management level positions will be totally eliminated and another 25,000 will be from hourly paid workers.

[MikeNearMcChord]

2. This alone should force the GOP into a long dark

exile into nothingness, make them extinct like the Whig Party.

[IndianaGreen]

3. Meanwhile the economy continues to boom

at least as far as investors are concerned. As long as the Income Statement shows a profit, who cares at whose expense it is.

Ahhh... the joys of rapacious capitalism...