Tuesday, July 9, 2013

(Related Update): Lest you think the economy is really recovering: Part III

Related Update:  This chart courtesy of Zero Hedge says it all:

Read the excellent commentary accompanying this chart, here.

Original Post:  Two related articles show just how weak the labor market is in the US currently.  The first points out that only 47% of adults have a full-time job: 
The report, however, also provides clear evidence that the the nation is splitting into two; only 47% of Americans have a full-time job and those who don't are finding it increasingly out of reach.  Of the 144 million Americans employed last month, only 116 million were working full-time. Friday's report showed that 58.7% of the civilian adult population of 245 million was working last month. Only 47% of Americans, however, had a full-time job...

The market's positive reaction to Friday's report is another sign of how far our economic expectations have fallen. If today the same proportion of Americans worked as just a decade ago, there would be almost 9 million more people working. Just in the last year, almost 2 million Americans have left the labor force. With a majority of the population not holding a full-time job, it isn't surprising that economic growth has been so weak.
And from CNSNews:
The number of Americans employed part time for economic reasons (involuntary part-time workers) increased by 322,000 to 8.2 million from May to June, the Labor Department reported on Friday.
“These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job,” said the news release from the Bureau of Labor Statistics.
Related: As this short blurb at PJTatler points out, the increase in the number of part-time jobs is
...the ObamaCare effect. Obama’s health care law incentivizes employers to drop workers to below 30 hours per week in order to avoid incurring liabilities or fines. Or, if the employer is near the 50 employee mark, to trim down to below 50 to escape ObamaCare altogether.
Factor in the fact that the rate of participation in the job market remains at a historic low, and the economy remains weak. McJobs won’t power a full recovery.

The number of Americans employed part time for economic reasons (involuntary part-time workers) increased by 322,000 to 8.2 million from May to June, the Labor Department reported on Friday.
“These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job,” said the news release from the Bureau of Labor Statistics.
- See more at: http://cnsnews.com/news/article/number-involuntary-part-time-workers-jumps-332k-june#sthash.VhmpizEB.dpuf