Part-Time Nation - A Deceptive Jobs Report Obscures The Dark Truth About The Obama Economy
Arnold Ahlert / Canada Free Press
Last Thursday, an Obama-centric mainstream media trumpeted the creation of 288,000 jobs and the reduction in the unemployment rate from 6.3 percent to 6.1 percent. Lost in the manufactured euphoria are the sobering details: America is well on its way to becoming a nation where millions of workers can only find part-time, lower-paying jobs.
On the surface, the numbers are impressive. The Bureau of Labor Statistics (BLS) reported the aforementioned 288,000 jobs gain, while the household survey reported a gain of 407,000. Yet those numbers pale in comparison to the rise in the number of voluntary and involuntary part-time jobs, coming in at 840,000 and 275,000, respectively. Since the BLS uses seasonally-adjusted figures to calculate jobs data, one cannot subtract the total number of part-time jobs from full-time jobs. However, data regarding seasonally-adjusted full-time jobs can be compared on a month-to-month basis and therein lies the true tale of woe.
A whopping 523,000 full-time jobs were lost in June.
As the graphs here indicate, this is the second largest decline of full-time jobs in the past year, but by far the largest addition of part-time jobs. So far this year the economy has created 926,000 full-time jobs and 646,000 part-time jobs. Overall, America now has 118 million full-time jobs compared to 28 million part-time jobs, according to the BLS. Thus, 23.7 percent, or nearly one-out-of-every four Americans, is working part-time.
523,000 full-time jobs were lost in June
Just over a year ago, it was reportedthat economist Scott Anderson analyzed employment gains since January 2009 and found that in June part-time jobs accounted for 19.5 percent of total employment, amounting to “exactly the average share … since January 2009.” One might think an increase of nearly 18 percent in that average share might be cause for concern amidst the euphoria.
One would be wrong. For those uninterested in the details, the quantity of jobs rather than the quality of jobs is all that matters.
Yet it is precisely that quality that should concern every American. As the Wall Street Journal noted while June jobs gains were broad-based, “lower-wage sectors continued to account for the bulk.” While there was an increase of 67,000 jobs in the professional and business services sector, they were offset by the more than 40,000 jobs in the retail industry and 30,000 jobs in leisure and hospitality businesses. “Higher-paying sectors continued to lag behind in the jobs recovery,” the paper reported. “Manufacturing added 16,000 new jobs and construction added 6,000.”
As for the “official unemployment rate” of 6.1 percent, the number listed under BLS’s “U-3” heading, more and more Americans are becoming aware of the bogus nature of this particular statistic, given that it doesn’t account for such realities as the number of part-time workers who want full-time jobs, or the number of people marginally attached to the workforce. The more accurate U-6 number, which takes these factors into account, puts the unemployment rate at 12.1 percent.
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