In February Multiple Jobholders Rose By A Record, As Full-Timers Dropped, Part-Timers Increased

Tyler Durden's picture


When it comes to government data, every silver lining has a cloud. Sure enough even today's NFP number, which on the surface was quite acceptable, had its share of thorny issues.

Those who track the quality composition of the jobs, as opposed to just the quantity, will know that the part and full-time jobs breakdown has long been a major issue. And not unexpectedly, in February according to the Household Survey, the number of full-time jobs declined by 77K from 115,918 to 115,841. The offset: a jump in part-time workers which rose from 27,467 to 27,569, or 102K. Part-time jobs, for those who are unaware, are "jobs" only in the broadest of definitions.

But the most surprising development in February from a quality standpoint was that the number of multiple job-holders rose by a massive 340K, which just happens to be a record. One wonders: how many actual people got new jobs, as opposed to how many qualified single individuals ended up getting more than one job in February in order to boost that much needed weekly income to sustainable levels.

Source: BLS

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Fri, 03/08/2013 - 10:12 | 3311823 GetZeeGold
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Fri, 03/08/2013 - 10:15 | 3311840 Shocker
Shocker's picture

So we are losing Full Time Workers and Replacing some of them by Part Timers.

Not the best of reports

Fri, 03/08/2013 - 10:17 | 3311855 MillionDollarBonus_
MillionDollarBonus_'s picture

I really don't like the way gold is trading. It looks like it's about to fall off a cliff, and bring down the whole doomer libertarian community with it. Silver looks even worse, especially when it's already trading at a 10 dollar premium to fair value.

Fri, 03/08/2013 - 10:21 | 3311878 FL_Conservative
FL_Conservative's picture

Really???  Dude, physical has been flying off the shelves.  The only downward pressure has been paper PM's which are only as good as the paper they're printed on.

Fri, 03/08/2013 - 10:29 | 3311906 krispkritter
krispkritter's picture

Speaking of physical, my last order is past the 2 week mark. Anyone else seeing a slowdown in fulfilment? Never been this slow for me.

Fri, 03/08/2013 - 10:34 | 3311937 Snoopy the Economist
Snoopy the Economist's picture

where do you buy from? Apmex?

Fri, 03/08/2013 - 11:37 | 3312170 MassDecep
MassDecep's picture

I had the same issue with APMEX 2-3 years ago, and have not dealt with them since.

Fri, 03/08/2013 - 12:13 | 3312294 Snoopy the Economist
Snoopy the Economist's picture

Where do you buy from and why? I'm looking for best source and consider all input.

Fri, 03/08/2013 - 12:17 | 3312320 kaiserhoff
kaiserhoff's picture

Surprise, Surprise, Goober and Andy.  Maybe this incentives and disincentives thingy has legs.

Good news for Geezers looking for a part-time job.  Death on the young.

Fri, 03/08/2013 - 13:24 | 3312551 kralizec
kralizec's picture

You must be on a watchlist or something, I've had a couple orders the past month and took delivery within a week.

Now if I can just stop my boat from sinking and taking all my treasure to the briny deep. . .

Fri, 03/08/2013 - 12:54 | 3312447 Meatballs
Meatballs's picture

Been using Modern Coin. I'd like to hear input on this as well.

Fri, 03/08/2013 - 10:21 | 3311881 Debtonation
Debtonation's picture

It also looks like US Govt Treasury Bond prices are about to fall off a super cliff.

Fri, 03/08/2013 - 11:02 | 3312056 Imminent Crucible
Imminent Crucible's picture

New directive from the Holder Drone CentCom: "It shall be a droneable offense for any U.S. citizen to look at or publish figures from the Daily Treasury Yield Curve report".

If you don't care about a little Hellfire, have a peek:

That's a mean ramp in the long end.

Fri, 03/08/2013 - 10:25 | 3311894 firstdivision
firstdivision's picture

Where's the "This is great for consumer spending and getting the economy back it normality" post?

Fri, 03/08/2013 - 10:28 | 3311902 A Middle Child ...
A Middle Child of History's picture

I have some nice well worn ren that I am wiilling to part with for all that shiny, hard gold and silver. I find that well worn ren is particularly useful when one has to take a crap on the side of the road, or as tinder to light your stove with when you need to wok the dog...

Fri, 03/08/2013 - 11:20 | 3312118 DOT
DOT's picture

Damn Skippy there, MC, them rounds don't have any BTU's. Have you tried any of the plastic fiat? Hard on the backside but it burns well.

Fri, 03/08/2013 - 10:32 | 3311924 Snoopy the Economist
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I agree - I think gold and silver have another leg down. It's great for buying at lower prices.

Fri, 03/08/2013 - 11:04 | 3312064 Imminent Crucible
Imminent Crucible's picture

I expect silver to test support in the 27 area. Any attempted breach of 27 is my buy trigger. Gold support is strong around $1550. On the other hand, it doesn't really matter where you buy either one today.

Fri, 03/08/2013 - 12:53 | 3312443 lunaticfringe
lunaticfringe's picture

Doomer libertarian? You say that like it is a bad thing, MDB.

Fri, 03/08/2013 - 10:24 | 3311864 FL_Conservative
FL_Conservative's picture

Actually, people who are having their hours cut back below 30/week are finding another part-time gig for 16-25 hours/week.  Two employers satisfied as now they dont have to pay ObamaCare benefits.

Fri, 03/08/2013 - 10:49 | 3311998 Race Car Driver
Race Car Driver's picture

Short white people.

Fri, 03/08/2013 - 10:37 | 3311954 Winston Churchill
Winston Churchill's picture


Without doubt the worst possible piece of legislation at the worst possible time.

The coup de grace to the badly wounded economy.

Destroy any jobs not already offshored.

Fri, 03/08/2013 - 10:45 | 3311982 ejmoosa
ejmoosa's picture

So when the unemployment rate drops because of the continued increase in part timers and drop in full timers, the Fed will be raising rates because things are great!


Welcome to a Fundamentally Changed America.

Fri, 03/08/2013 - 10:14 | 3311832 realtick
Fri, 03/08/2013 - 10:14 | 3311833 cossack55
cossack55's picture

Is there a category for those with 4 or more jobs?

Fri, 03/08/2013 - 10:16 | 3311851 alien-IQ
alien-IQ's picture

middle class?

Fri, 03/08/2013 - 10:24 | 3311889 Headbanger
Headbanger's picture

Or is it Muddle Class?

Fri, 03/08/2013 - 10:29 | 3311913 krispkritter
krispkritter's picture

The Exhausted Class. Welcome to the Recovery...

Fri, 03/08/2013 - 10:50 | 3312004 Pool Shark
Pool Shark's picture


"Is there a category for those with 4 or more jobs?"

I think they're called the Hedley's:

Fri, 03/08/2013 - 10:15 | 3311841 Go Tribe
Go Tribe's picture

I doubt if the markets or the economy care whether household income is from one job or many jobs. Fact is, people are finding jobs and income.

Fri, 03/08/2013 - 10:19 | 3311863 Auntie Lo
Auntie Lo's picture

Yeah but if I find 3 jobs, do I get counted 3 times?

Fri, 03/08/2013 - 10:41 | 3311973 fuu
fuu's picture


Fri, 03/08/2013 - 10:57 | 3312029 MachoMan
MachoMan's picture


I primarily work for a firm (45+ hours a week)...  I also have my own firm on the side in a different industry...  and I do part time work for other firms around town in a different industry...  [too many degrees/certifications].  How many jobs is this?

My wife primarily does work through an agency (40+ hours a week), but then has her own firm on the side...  how many jobs is this?

In aggregate they pay fairly well, but individually they don't...  for young professionals, it's basically eat the wage arbitrage boot/kiss the ring until you're old enough to start having erectile dysfunction...  then it's hope economic conditions are such that you can recoup the opportunity cost lost along the way (wage arbitrage).  Conceptually, this should lead to more competition, but in reality it simply leads to people more in debt and desperate for whatever jobs they can find (after they fail on their own)[not to mention shittier practitioners because school does not prepare them for real practice].

Fri, 03/08/2013 - 10:15 | 3311843 Aunty Christ
Aunty Christ's picture

Obamacare. There are many industries ( like hospitality, retail) that are busy converting full time employees to part time ( <30 hrs per week) in order to skirt the healthcare taxes. I see the multiple job holders increasing in the future.

Fri, 03/08/2013 - 10:27 | 3311898 trillion_dollar...
trillion_dollar_deficit's picture

LIESman said it would also distort weekly hour numbers higher.

Fri, 03/08/2013 - 10:53 | 3312020 adr
adr's picture

That isn't a lie. Sometimes the fuck tells the truth.

Most of the time the second part time job pays less than the first. Hours cut from 30 to 15 at one job, but you picked up 16 at the other job. You get one extra hour, but you get paid less. FUN.

Fri, 03/08/2013 - 12:48 | 3312429 Miffed Microbio...
Miffed Microbiologist's picture

Healthcare is also bracing for obamacare as well. In my hospital in the last year they have drastically reduced full time job offerings and replaced them with per diem. One hospital in our group has reduced the number of microbiologists from 4 per day to 3 per day. There is no way to complete the daily work with so few staff so everyone must work 10 hr days six days a week with no vacation and your better have bubonic plague to call in sick. The couriers going there tell me they're afraid to walk in the micro dept because all they hear are people screaming at each other. It gotten that bad. Finally after 6 months management has agreed to allow them 1 per diem part time to help. The irony of this is they have no time to train a person to do this very complex job. When they pointed this out, management said essentially it sucks to be you. This is at a hospital that is non profit and, at this time, doing well financially. I shudder what the future brings when obamacare hits.


Fri, 03/08/2013 - 10:15 | 3311845 alien-IQ
alien-IQ's picture

and the EUR/USD drops to a 2013 low as the DOW rips to a new(er-er) all time high.

what a pig-fuck...

Fri, 03/08/2013 - 10:16 | 3311848 Falconsixone
Falconsixone's picture

Eviscerate the proletariat & middle class (done).

Fri, 03/08/2013 - 10:17 | 3311858 El Hosel
El Hosel's picture

I am looking for a job with low pay and no benefits, please help.

Fri, 03/08/2013 - 10:20 | 3311871 alien-IQ
alien-IQ's picture

That's a very competitive field.

You may have to consider lowering your expectations.

Fri, 03/08/2013 - 10:16 | 3311852 TraderMark
TraderMark's picture

THis will increase significantly to avoid obamacare - watch for it, already happening in restaurants to avoid the 40 hr workweek.

Fri, 03/08/2013 - 10:20 | 3311875 yogibear
yogibear's picture

Spot on! Create many more jobs with short hours to avoid Obamacare.

Fri, 03/08/2013 - 11:03 | 3312058 MachoMan
MachoMan's picture

Obamacare is only a small part of the equation...  the reality is that we live in an employers' market...  jobs are scarce...  and, as a result, those providing jobs can dictate extraordinary terms that were not possible a few years ago.  One of the biggest changes is moving from employees to independent contractors in virtually every professional field...  and requiring the contractor to keep a certain amount of insurance coverage.  It's pure profit for the job provider...  can't lose...  only pay the contractor when the job provider is certain to get income.  Winner.

Rent seeking comes in all shapes and sizes.

Fri, 03/08/2013 - 14:08 | 3312721 Vendrell
Vendrell's picture


Employers have more substitutability for their positions than ever. They can be extremely picky with how they fill labor-hours, very specific skill sets and experience requirements, can outsource functions not deemed "core", or can use robots if they are a manufacturing or mining concern. Self employed entrepreneurship and communal ties are really the key to gainful employment for most in my opinion, unless you can "score" a spot as a corporate cog. Unfortunately, these have their drawbacks as well, but life is short, take some risks with your own skin in the game. 

Fri, 03/08/2013 - 10:19 | 3311857 Edward Fiatski
Edward Fiatski's picture

Second biggest jump was in 2008/08, followed by a drop of 400k next month, or September (FOUR HUNDRED FUCKING THOUSAND) - same massaging technique?

Fri, 03/08/2013 - 10:26 | 3311861 thewayitis
thewayitis's picture

 SO... When all there is available are part-time jobs. One has to get another part-time job to make ends meet. Thank god I'm not in THAT boat.


    WTF ....Now the unemployed number goes DOWN?  ANd ther rigged game of the Dow is up.

    Ah ha. Thats how we do it.....Covert full-time jobs  to part-time. This should bring unemployment to 6.5% ...M Fer's

Fri, 03/08/2013 - 10:20 | 3311870 Water Is Wet
Water Is Wet's picture

Hand jobs are jobs too.

new government slogan

Fri, 03/08/2013 - 10:31 | 3311917 Headbanger
Headbanger's picture

And don't forget other such jobs like :

Do NOT follow this link or you will be banned from the site!