By Swaha Pattanaik
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
“Hours of chaos” is how the New York Times described the work reality of more and more Americans. It highlighted Jannette Navarra, a Starbucks barrista, who is regularly forced to work part-time with fluctuating hours. She usually gets her work schedule three days ahead of the workweek, so she is always scrambling to arrange childcare for her son. Any hope Navarra has of advancing by pursuing a degree is shattered by her inability to schedule classes.
President Barack Obama told Americans in his July 19 weekly address that every worker deserves to know that “if you lose your job, your country will help you train for an even better one.” A nice sentiment -- and politically safe. It's just the wrong answer. Those “better jobs” don't exist, and training doesn’t create jobs. Despite all that, every year the U.S. government spends billions of dollars on job training, with little impact.
After the world’s most boring jobs report in history (seriously, misses consensus by 1,000, unemployment and wage growth in-line with expectations, and revisions over the last two months amount to a total decline of 6,000 jobs, which is a pittance), the bond market is catching a bit of a bid again. That shouldn’t be a surprise given the way this market is still taking its cues from the European bond market, which is soaring on what would otherwise be a quiet Friday. (Those of you who read Richard Leong’s story yesterday noting the likely rally in bonds post-jobs would have been all over this – just sayin’.)