Overall, today’s jobs report was pretty encouraging and marked the fourth month in a row that the economy added at least 200,000 jobs on net. The last time this happened was way back in 1999-2000 (when a string of job growth of that magnitude was actually much more impressive, since the population then was smaller).
That said, there are still reasons for concern … especially when it comes to the quality of the jobs being created.
Some of the strongest hiring, for example, was in food services and drinking places, which added 31,700 jobs in May. As a result of several years of decent growth, today roughly 1 of every 13 American jobs is now in this sector. That’s the highest share on record.
Needless to say, these are not exactly high-wage occupations — the average position pays $12.35 per hour, just over half the wage of payroll employees overall. Not to mention that an alarming number of restaurant employees don’t get actually paid for all the hours they work.