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As we take a closer look at the employment numbers for March, its hard to get excited about the prospects for the economy when you break it all down. In fact, and what is turning out to be a major trend, lower paying jobs are up, while higher paying jobs are down.

If the March jobs report is any indicator, a decline in corporate profits is right around the corner. The Labor Department reported that the economy added 180,000 new jobs, and the unemployment fell to 4.4 percent rate, a five year low. Let's take a look at the QUALITY of the new jobs that were obtained.

Information from: Bureau of Labor Statistics

Construction: +56,000 for March, a net loss of -8,840 for February and March.

Nonresidential Specialty Trades: up 34,200, after being down 25,600 in February. Net gain +8,600

Residential Specialty Trades: up 11,000, after being down 20,400 in February. Net loss -9,400.

Heavy & Civil Engineering: up 7,700, after being down 10,600 in February. Net loss= -6,640.

Nonresidential Building: up 4,000, after being down 700 in February. Net gain= +3,300.

Residential Building: down 1,200, after being down 3,500 in February. Net loss= -4,700.

Retail/ General Merchandising: +35,600

Retail added 35,800 jobs in March. This is all well and good, but how does a person keep up with their mortgage payments working for minimum wage. In addition, after paying your rent/mortgage, what does a person have left over to drive corporate profits higher. Can anyone say, "nothing ?".

Correct me if I am wrong, but didn't I read somewhere that "Circuit City fired 3,400 employees across the country" because the company said "they were making too much money and would be replaced by new hires willing to work for less." Yes, I do recall that I read this somewhere.

Other

Natural Resources & Mining: +3,000
Manufacturing: -16,000
Wholesale Trade: +5,000
Transportation & Warehousing: +5,000
Utilities: +1,000
Information: -5,000
Financial Activities: -0-
Professional & Business Services: -7,000
Education & Healthcare: +54,000
Leisure & Hospitality: +21,000
Government: +23,000
Other: +4,000

Its becoming real clear that the "at your service, sir" jobs are the trend, while manufacturing continues to decline. What we are witnessing is quantity of jobs, not quality.

Now you know why our outsoucing ETF's continue to hold top spots in our portfolio's :

EWM: iShares MSCI Malaysia (Free) Index Fund
EWS: iShares MSCI Singapore (Free) Index Fund
EWP: iShares MSCI Spain Index Fund