Reason For Today's Unemployment Rate Plunge: Part-Time Jobs For Economic Reasons Surge Most Since QE1 Announcement

Tyler Durden's picture

We already noted the absolutely stunning surge in reported Household Survey jobs which "added" 873,000 jobs, or the most since 2003 and the second most in the past decade, which was just a little bit off the Household Survey used in the monthly NFP jobs changes, which came at 114,000, or about 8 times less. But what was the reason for this epic jump in Household survey jobs? Simple, and those who have read our series on America's transition to a part-time worker society know the answer. The reason is that the number of part-time people employed for economic reasons soared by 582,000 to 8,613,000, the most since October 2011, and the largest one month jump since February 2009, when "restoring" confidence in the economy was all the rage... and just before the Fed announced the full blown QE1 in March of 2009. Odd symmetry.

So putting it all together, what does this mean for the true state of the US economy? Recall back in September one of our Charts of the Day was the number of Unemployed and Underemployed for the month of August, which was 25.8 million. Readers may be surprised to learn that when putting it all together, in September this number increased to 26.2 million.


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PrintingPress's picture

Just printing jobs!

Pool Shark's picture



Yep, just change the denominator...

[Does this mean we're now counting those people waiting in line for their Obamaphone as "part-time employed"?]



spastic_colon's picture

yes exactly, as well as those hired to protest at rallies, and to stand in line for AAPL toys

Stock Tips Investment's picture

There is no doubt that a decline in unemployment is good for the economy. There is long way to go and many things to fix. The risks and dangers are present tambien.Sin But there is no doubt that the numbers provided are very positive this morning.

hapless's picture

"There is no doubt that a decline in unemployment is good for the economy."

I believe you are confusing cause and effect here..

Element's picture

Show this employment data against income tax receipts and wages data.

notbot's picture

Hey Stock Tips, didn't you already post this comment.  Ctrl C, Ctrl V today?

notbot's picture

Good idea, I'm going to start posting all my comments twice too:


Hey Stock Tips, didn't you already post this comment.  Ctrl C, Ctrl V today?


foodstampbarry's picture

You believe the data? You're a fucking idiot.

knukles's picture


(discharged in 1967 under Section 8 for consuming AGent Orange and Sterno)

GetZeeGold's picture



Part time printers......WANTED!

jekyll island's picture

If you have three of those part time jobs, it is probably close to one full time job.  I am glad Obama pulled this one out.  I wonder why he waited so long to get the economy rolling again, isn't an election right around the corner? 



Dr. Engali's picture

Flip them burgers bitchez!

Peter Pan's picture

So let me get this straight. If 12 million full time jobs were turned into 24 million part time jobs, America would no longer have any unemployment ?

What do they take us for ?

mayhem_korner's picture



Benny's doin' a heckuva job...

Waterfallsparkles's picture

Yep, and there goes QE3.  He just hit his target.

the 300000000th percent's picture

Part time at 7 eleven =bullish= full blown recovery

lolmao500's picture

And is it me or people are already acting like animals in California due to the gas shortage?? Fights breaking everywhere at gas stations and lots of panic buying going on.

Turkey increases navy force in Mediterranean

Turkey is reinforcing its position in the Mediterranean Sea following the escalation in tension along its border with Syria.

A number of warships and submarines have been sent to bases in the Mediterranean from the northwestern province of Gölcük where the main base of the Naval Forces is located. The ships were fully loaded with arms labeled "war load."

fuu's picture

Were you around in the 70's with the gas lines? It was everywhere, not just California.

tom a taxpayer's picture

The October surprise.

lolmao500's picture

Wait for the November surprise, it'll be even more hilarious.

imapopulistnow's picture

Data massagers jumped the shark this time.

the not so mighty maximiza's picture

I get that feeling too.  Too obvious.  They are desperate.

Zap Powerz's picture

Yeah, but how many union thugs were hired at $56/hr to build that ramp used to jump the shark?

Winning!  DUH!

PUD's picture

Part time workers are eligible for free cell phonez!! I be vote fo Obama!

AC_Doctor's picture

McDonalds, 7-11 and PayDay Loans part time jobs are booming!  

jekyll island's picture

Don't forget Starbucks, that is some high quality production there.  My wife paid $4.50 for a pumpkin spice latte.  I think I need me one more of them part time jobs to pay for her coffee habit.  





Debtonation's picture

If we all get 2 jobs it will go negative!

EscapeKey's picture

Lies, damn lies, and government statistics.

Gilligan4Prez's picture

Really?  You want me to put that where?

papaswamp's picture

Check out table B-1 NSA private payrolls contract by 400,000. NSA participation rate drops again. Y/Y Participation rate has dropped dramatically.

max2205's picture

Retail sock gonna MOVE....  this has to be a top....suck'em in baby

Waterfallsparkles's picture

So one Job is now counted as 2 Jobs.  One full time Job lost and 2 part time Jobs to replace the prior 1 Job.

saints51's picture

service industry FTW!!!

Monetary Lapse of Reason's picture

Those folks that have been dropping off their 99 weeks have found it necessary to find some employment.. any employment.  Bullish!

Freewheelin Franklin's picture

And the ones that had been working under the table are now on the books.

Dollar Bill Hiccup's picture

It don't matter.

Batter up! Pass the popcorn, let's get another beer, yeah!

No one reads the fine print anymore.

Especially those who don't even know who is running for election.

taketheredpill's picture

Canadian numbers were a blowout, +52,100 vs expected +8,500.

But Self-Employed made up 33,800 of these "full-time" spots, so we'll see.  Wages dropped to 3.3% yoy versus 3.8% last month which also feeds into the "employed but crappy wages" theme.

Hard to see how Canada surges from here with Europe imploding, China slowing, US dead in the water, but WTF do I know.

Keep thinking about quitting this business and becoming a landscaper, working outdoors.  Nice.

Village Smithy's picture

These jobs numbers are so good that I demand Ben Bernanke resign immediately due to his reckless abuse of monetary policy! sarc.

Alex Kintner's picture

Are we now counting those guys who stand around in front of Home Depot and get hired for a day to rake your leaves?

Cole Younger's picture

Seasonal workers...Christmas crap has been in stores since Agust..Pretty soon, stores will have christmas crap year round..

BandGap's picture

This happened in West Virginia years ago. In order for the state not to have to worst unemployment in the nation the governor hired a shitload of campaign workers for three weeks. It worked! West Virginia soared to 49th in unemployment (thank you Arch Moore) just ahead of Mississippi and Arch won the governor job. Right after the election these "jobs" went away.

Everybodys All American's picture

Part time my ass. They made the whole damn thing up.

Vashta Nerada's picture

What is not mentioned is that these part time jobs are second jobs for people, so they can afford groceries and gasoline.