Thursday, July 3, 2014

Is ObamaCare Pushing Us to Become a Part-Time Nation?

Today's job report does contain a plethora of good news on the surface.  But there does appear to be a dark underbelly. This is from Mish's Global Economic Trend Analysis.  The entire post is absolutely worth reading: 
On the surface, this appeared to be a very strong jobs report from both the household survey and establishment survey perspective. 
The establishment survey reported a gain of 288,000 jobs while the household survey sported a gain in employment of 407,000. In addition, May was revised up from +217,000 to + 224,000, and April revised up from +282,000 to +304,000.  
Digging deeper into the details, strength was entirely part-time (and then some). 
Voluntary part-time employment rose by a whopping 840,000 and involuntary part-time employment rose by 275,000. 
Compared to a total gain of employment of 407,000, the gain in total part-time employment was 1,115,000. I confirmed with the BLS that one cannot directly subtract those numbers because of seasonal reporting. 
However, one can compare seasonally-adjusted full-time employment this month to seasonally-adjusted full-time employment last month. Doing so shows a decline in full-time employment of 523,000! 
Full post here.