NEW YORK ( ETF Expert) -- Bartenders, waiters and other service staff in hospitality and retail comprised more than half of the 162,000 jobs created in July. The Bureau of Labor Statistics revised job growth for the previous two months lower. Meanwhile, one of the premier measures of employment trends, the labor force participation rate, hovers near 35-year lows.Job growth over the last nine months is averaging about 175,000; most of the positions generated occur at the lower end of the salary spectrum. Lest anyone believe that the data represent vibrant job creation, we should recall that job growth in the five-year period between 2003 and 2007 averaged the same numbers (176,000), yet commentators routinely described the growth as a "jobless recovery." Clearly, the Federal Reserve's rate manipulation is not doing much in the way of stimulating full-time employment at corporations. On the other hand, it has done a great deal to boost property prices, stock prices and overall consumer spending. When rates are low, Americans respond to the siren's song of borrowing to spend. The most recent monthly data showed a 0.5% increase in spending with only a 0.3% increase in income. In other words, we're spending more than we make. The short-term investing implications of spending more than we make is an exceptional run-up in consumer discretionary stocks. The SPDR Select Sector Consumer Discretionary Fund ( XLY) is one of the strongest sectors of the stock market over the last two years; it is also a staggering 16.8% above a long-term 200-day trendline.