We heard some crowing today about the latest jobs report. What you didn’t hear is who got those jobs. It turns out that all of the gain went to people aged 55 and older, who picked up 230,000 jobs. (You can imagine what sort of jobs those are.) Meanwhile, those in the prime earning years 25-54 lost 10,000 jobs. (These are seasonally adjusted numbers; the raw numbers tell the same story.) You can see all the data at the BLS website.
Zero Hedge sums it all up here.