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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 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Boom......WINNING!!!!

Fri, 03/08/2013 - 10:15 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Snoopy the Economist
Snoopy the Economist's picture

where do you buy from? Apmex?

Fri, 03/08/2013 - 11:37 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Meatballs
Meatballs's picture

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

Fri, 03/08/2013 - 10:21 | Link to Comment 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 | Link to Comment 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:

http://www.treasury.gov/resource-center/data-chart-center/interest-rates...

That's a mean ramp in the long end.

Fri, 03/08/2013 - 10:25 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Snoopy the Economist
Snoopy the Economist's picture

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 | Link to Comment 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 | Link to Comment lunaticfringe
lunaticfringe's picture

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

Fri, 03/08/2013 - 10:24 | Link to Comment 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 | Link to Comment Race Car Driver
Race Car Driver's picture

Short white people.

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

ObummerCare.

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 | Link to Comment 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 | Link to Comment realtick
Fri, 03/08/2013 - 10:14 | Link to Comment cossack55
cossack55's picture

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

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

middle class?

Fri, 03/08/2013 - 10:24 | Link to Comment Headbanger
Headbanger's picture

Or is it Muddle Class?

Fri, 03/08/2013 - 10:29 | Link to Comment krispkritter
krispkritter's picture

The Exhausted Class. Welcome to the Recovery...

Fri, 03/08/2013 - 10:50 | Link to Comment 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:

http://www.youtube.com/watch?v=r-nJJTxaoSI

Fri, 03/08/2013 - 10:15 | Link to Comment 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 | Link to Comment 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 | Link to Comment fuu
fuu's picture

Yes.

Fri, 03/08/2013 - 10:57 | Link to Comment MachoMan
MachoMan's picture

Exactly.

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 | Link to Comment 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 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

LIESman said it would also distort weekly hour numbers higher.

Fri, 03/08/2013 - 10:53 | Link to Comment 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 | Link to Comment 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.

Miffed:-)

Fri, 03/08/2013 - 10:15 | Link to Comment 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 | Link to Comment Falconsixone
Falconsixone's picture

Eviscerate the proletariat & middle class (done).

Fri, 03/08/2013 - 10:17 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment yogibear
yogibear's picture

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

Fri, 03/08/2013 - 11:03 | Link to Comment 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 | Link to Comment Vendrell
Vendrell's picture

^^This

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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Water Is Wet
Water Is Wet's picture

Hand jobs are jobs too.

new government slogan

Fri, 03/08/2013 - 10:31 | Link to Comment Headbanger
Headbanger's picture

And don't forget other such jobs like :

http://www.youtube.com/watch?v=yJJA6WRpvlg

Fri, 03/08/2013 - 10:33 | Link to Comment krispkritter
krispkritter's picture

Yeah, because your bankers are getting all the blow jobs, your representatives are spouting out the snow jobs, and the drone operators get all the 'blow up' jobs...

Fri, 03/08/2013 - 10:21 | Link to Comment Never One Roach
Never One Roach's picture

Janitor during the day and a packer at Walmart by night....some lead a "double life."

Fri, 03/08/2013 - 10:22 | Link to Comment SheepDog-One
SheepDog-One's picture

Screw that, I'll NEVER get 4 jobs.

Fri, 03/08/2013 - 10:25 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

Yep, 2fers.  One full time job eliminated and 2 part time jobs created.

Problem is that as the full time jobs are eliminated and 2 part time jobs created the jobs numbers will go up and Bernanke will stop printing.

Fri, 03/08/2013 - 10:28 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

Also notice the slight uptick in unemployment for people with college degrees.

Fri, 03/08/2013 - 10:30 | Link to Comment Stuart
Stuart's picture

All Government figures only serve one purpose, support political spin.  They are so managed now, they stopped serving as true economic indicators a loooooooong time ago. The MSM headline writers are either complicit, captive, or too stupid to catch on.

Fri, 03/08/2013 - 10:29 | Link to Comment Logiclee03
Logiclee03's picture

So if you are short listening to this site you have been screwed or broke for the last 18 months.....

Fri, 03/08/2013 - 10:34 | Link to Comment slightlyskeptical
slightlyskeptical's picture

90% long; 8% cash, 2% short in options. Another 10% comes off today. Things really do suck but you may as well ride the wave while it last. If market keeps rising I will be down to 50% in a month.

it is all delusion.

Fri, 03/08/2013 - 10:44 | Link to Comment fuu
fuu's picture

Another graduate of the Gully Foyle Academy of Broad Brush Painting.

Fri, 03/08/2013 - 10:30 | Link to Comment MGA_1
MGA_1's picture

To be honest, we are in a bit of recovery - now what are we going to do about 16.5 Trillion .... (I guess ignore it).

Fri, 03/08/2013 - 10:44 | Link to Comment slightlyskeptical
slightlyskeptical's picture

Full time jobs have become part time, so they need to hire more part timers to fill in and employees need to pick up a second job to make up for hours cut at first. I haven't seen how many people stopped looking at work which proabbly makes it all zero sum.

Fri, 03/08/2013 - 10:49 | Link to Comment Olusanua
Olusanua's picture

My mom works as superviosr at one of the fast food chains. She said starting in January they started cutting everyone's hours; including managers, such that they dont work more than 25 hours a week. She said people are getting between 4-25 hours a week and everyone including her have been forced to find other part jobs. She said it is the same at other chains and retailors based on what she has heard from friends and family.

Fri, 03/08/2013 - 10:58 | Link to Comment adr
adr's picture

That is going on everywhere. The store manager and perhaps assistant manager that are on salary must pick up extra hours, sometimes working 55-60 hours and all of the hourly workers have had hours cut in half.

My wife had her hours cut to 8 at one job, she took another part time job that added ten hours. Last year she was guaranteed 20 hours and that is all she wanted. Now she wants to add a third part time job to maybe get another five hours.

Fri, 03/08/2013 - 10:59 | Link to Comment Winston Churchill
Winston Churchill's picture

Same story from a returning employee.

Left five years ago and was a 'manager' in fast food since.

Everybodies hours cut in Jan.and they were only just making it on 40hrs.

She couldnt find other p/t work though.Its all a zero sum game after a few

months of  adjustment.

Fri, 03/08/2013 - 11:18 | Link to Comment GMadScientist
GMadScientist's picture

Oh lawdy...they doin it to the white people now.

That's been the case for most unskilled workers since about 1988.

Fri, 03/08/2013 - 11:42 | Link to Comment Non Passaran
Non Passaran's picture

Is that about the Obamacare thing? On top of that folks can't afford fast food any more. McDonald's Posts Lackluster Sales - http://online.wsj.com/article/SB1000142412788732362880457834804158670124...

Fri, 03/08/2013 - 10:52 | Link to Comment Dead Canary
Dead Canary's picture

Nonfarm payrolls surged 236,000 jobs?

Te he

Te he he

Ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha, ha, ha, ha, ha,ha, ha!

Oh stop, yur killing me!

Fri, 03/08/2013 - 10:57 | Link to Comment MFLTucson
MFLTucson's picture

There is no end to the government fraud in the US as is demonstrated by this report and the facts that underscore it.  This fucking clown show has become the disgrace of the world as we are told the Europeans (who have to print real numbers) are falling apart while the confetti economy becomes more robust but only if fraud is disregarded.

Fri, 03/08/2013 - 11:06 | Link to Comment Super Broccoli
Super Broccoli's picture

so if i get it right america is now about shitty part time jobs and a homie pres. that sings recovery is ours ?

Fri, 03/08/2013 - 11:17 | Link to Comment GMadScientist
GMadScientist's picture

Does slinging dope from the Mickey D's drive-thru windows count as multiple jobs?

Fri, 03/08/2013 - 11:32 | Link to Comment DOT
DOT's picture

That would be McDope. And ,yes, it counts. (hmm...) If the french fry manager was to become an IC, along with the rest of the "proffessional" positions, we could have a job rennaissance.

Fri, 03/08/2013 - 11:21 | Link to Comment Yen Cross
Yen Cross's picture

 And once again the meatballs at CNBS avoid the revisions.

 • NFP 157k to 119k

 • p-NFP 166k to 140k      Those are substancial revisions...

Fri, 03/08/2013 - 11:37 | Link to Comment DOT
DOT's picture

Whats 25% between friends? I always tip that much and the server gives me free drinks. ;\

Fri, 03/08/2013 - 21:33 | Link to Comment Riggers
Riggers's picture

I'm sorry if this is stupid but what's NFP? Sorry I have no market knowledge just a silly widow trying to figure out what one should do with themselves when the world has gone crazy and she's been left to her own devices lol

Fri, 03/08/2013 - 11:50 | Link to Comment Seasmoke
Seasmoke's picture

Work is now an 8 letter word.

And who the fuck would drive and hour each way to work 2 hours a day.

Fri, 03/08/2013 - 11:56 | Link to Comment aarbub
Fri, 03/08/2013 - 12:14 | Link to Comment Bluntly Put
Bluntly Put's picture

Damn, what discrimination. The governmnet needs to pass a law that an individual can only work 1 part time job, that would allow people without a job currently to get a job.

/sarc

Fri, 03/08/2013 - 12:54 | Link to Comment Shizzmoney
Shizzmoney's picture

Same thing is happening in the UK, but on steroids.

One person with 2 crappy jobs get counted as 2 jobs created in the BLS numbers.  LOLOLOLOLOLOLOLOLOLOLOLOLOLOL

Fri, 03/08/2013 - 13:59 | Link to Comment gnomon
gnomon's picture

The elite are thinking this as they read your comments , "You better shut up and like it and keep the illusion going as long as possible, or what happens next is going to be worse, (FOR YOU).

Only pyrrhic victories are possible for the middle class from here on out.  They have their exits covered.  You, on the other hand, are oh so expendable.

Fri, 03/08/2013 - 14:44 | Link to Comment besnook
besnook's picture

the question is whether this was the plan from the beginning or an unintended consequence. even though it has taken some time for most people to realize the obvious response from employers to obamacare would be to cut hours and employees to avoid compliance, the realization was part of the plan by employers. they were the people who were "consulted" on to decide the number of hours worked per week to trigger compliance. they even had a case study in hawaii where it was decided 20 hours per week was the threshold to avoid compliance. the local chain stores all reduced the number of full time workers to a skeleton crew of essential people and everyone else are working several jobs or working and collecting food stamps with health insurance covered by .gov.

the only gain i can see is .gov gets a tax payer subsidized citizen living a subsistence standard of living who will not riot and employers get a tax payer subsidized employee who represents increased productivity since the subsidy is not counted in the labor hours/output. in other words, tax payers are paying right to the bottom line of these companies without even having to purchase their goods and services, the ultimate corporate welfare.

 

Fri, 03/08/2013 - 14:51 | Link to Comment teolawki
teolawki's picture

One must lift the bread to see what is in the sandwich.

Fri, 03/08/2013 - 19:22 | Link to Comment Riggers
Riggers's picture

Well aren't the employers doing this because of the laws (expenses) around full time employees? Namely Obamacare...

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