Spoiling the “Great Employment News”

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Spoiling the “Great Employment News”

Jobs numbers are far worse than they look.
Mike Shedlock
Friday, March 08, 2013
http://globaleconomicanalysis.blogspot.com

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Economists were surprised by the massive “beat” in today’s reported job numbers. The unemployment rate dropped .2 to 7.7% and the economy allegedly added 236,000 jobs.

Is that what really happened?  No not really.

According to the household survey (on which the unemployment rate is based) the economy added a healthy 170,000 jobs. However, a whopping 446,000 of those jobs were part-time jobs. Simply put, the economy shed 276,000 full-time jobs.

The BLS labeled those 446,000 part-time jobs as “voluntary”. I am not so sure.

A Gallup Survey yesterday on Jobs show the percentage of workers working part time but wanting full-time work was 10.1% in February, an increase from 9.6% in January, and the highest rate measured since January 2012.

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Please click the link to see the complete article.
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About ace5ace

60, roaming the Ozarks.
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