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Four More Pieces of Evidence the Underclass is Growing

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TWO CLASS AMERICA
"We think the Two-Class America Theme is a major trend," writes Damien Hoffman of Wall St. Cheat Sheet. "[H]ere are a few recent updates to the evidence:"

4. Private Unemployment is Stagnant
Last Friday’s BLS unemployment data caused a selloff for good reason: private payrolls remained stagnant (as Uncle Sam picked up the slack). Nonfarm payrolls were up an extraordinary 431,000. However, 411,000 of those jobs were in the public sector and mostly temporary. If the private sector doesn’t start hiring soon, the economy may not allow the under class to climb back to the middle.

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