Obamacare Strikes: Part-Time Jobs Surge To All Time High; Full-Time Jobs Plunge By 240,000

Tyler Durden's picture




 

As a reminder: jobs have quantity and quality components. The quantity component was good enough to convince the 10 Year the taper is imminent (if not stocks, which continue to trade dislocated from any and all fundamentals). But how about the quality? In a word: not good. In June, the household survey reported that part-time jobs soared by 360,000 to 28,059,000 - an all time record high. Full time jobs? Down 240,000.  And looking back at the entire year, so far in 2013, just 130K Full-Time Jobs have been added, offset by a whopping 557K Part-Time jobs. And there is your jobs "quality" leading to today's market euphoria (if only for now).

June full-time vs part-time:

And the divergence historically:

Source: BLS

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Fri, 07/05/2013 - 09:14 | 3723261 I am more equal...
I am more equal than others's picture

But two part-time jobs equals a full time job, right?

Fri, 07/05/2013 - 09:20 | 3723282 ejmoosa
ejmoosa's picture

That's going to depend on their seasonal adjustment.

Fri, 07/05/2013 - 09:30 | 3723323 Shocker
Shocker's picture

This "recovery" is weak to say the least. A very few are n recovery but for most of America its at least a recession.

Layoff / Closing List

http://www.dailyjobcuts.com

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Fri, 07/05/2013 - 09:47 | 3723389 Boba Fiat
Boba Fiat's picture

College course catalogs are being re-edited as we speak.  New offerings include:

Analytical Hotel Housekeeping

Comparative Burger Flipping

Deconstructing Lattes 201

The Tao of the Walmart Greeter

"How Can I Help You?": Cashier Dialectics in the Postmodern Age

Fri, 07/05/2013 - 09:53 | 3723420 max2205
max2205's picture

Welcome to Wendy's. How can I take your order

Fri, 07/05/2013 - 10:09 | 3723469 asteroids
asteroids's picture

Thanks to Obozo and the FED you now have a lost decade and a lost generation. Just like the Japanese.

Fri, 07/05/2013 - 10:15 | 3723487 markmotive
markmotive's picture

"While the U.S has its host of problems, the U.S for the time being appears to remain the best house in a bad neighbourhood."

-- Christine Hughes

http://www.planbeconomics.com/2013/07/christine-hughes-of-otterwood-capi...

 

Fri, 07/05/2013 - 10:25 | 3723543 MagicHandPuppet
MagicHandPuppet's picture

Next step for a sociopathic, mass murdering do-gooder tyrant:

Imposition of Obamacare for part-time employees too.

Fri, 07/05/2013 - 10:42 | 3723615 TeamDepends
TeamDepends's picture

Then pets.

Fri, 07/05/2013 - 10:51 | 3723648 Race Car Driver
Race Car Driver's picture

Then, no pretense.

"We're from the government! Give us your money and the rest of your shit! Now! ... Fuck it, we're comin' in ...."

Fri, 07/05/2013 - 12:34 | 3723946 spine001
spine001's picture

The US Department of labor predicts that in the future nearly 40% of the workforce won't even need high school education. It is on their web site! If you are surprised about this you are missing the point of what is happening.

Fri, 07/05/2013 - 13:00 | 3724027 nmewn
nmewn's picture

Part time "saved or created" theres some pocket Change for ya!

Got Hope yet?

Fri, 07/05/2013 - 11:29 | 3723741 kchrisc
kchrisc's picture

Going to be more than a decade I do believe.

Fri, 07/05/2013 - 12:09 | 3723840 Conchy Joe
Conchy Joe's picture

Assuming we ever get back to a normal GDP - it will be several.

Epic waste and fraud.

Fri, 07/05/2013 - 13:02 | 3724033 Turin Turambar
Turin Turambar's picture

Consider us fortunate if all is lost is a decade and a generation.

Fri, 07/05/2013 - 10:07 | 3723459 Scro
Scro's picture

Welcome to Costco, I love you.

Fri, 07/05/2013 - 10:14 | 3723483 SISSYFUSS
SISSYFUSS's picture

Idiocracy...  one of the best documentaries ever made!

Fri, 07/05/2013 - 11:10 | 3723699 koaj
koaj's picture

speaking of...Costco was like a madhouse this morning

Fri, 07/05/2013 - 12:00 | 3723811 Scro
Scro's picture

I kinda knew that guy from idiocracy, we worked out at the same gym but he didn't stay very long.

Fri, 07/05/2013 - 10:18 | 3723505 Ignatius
Ignatius's picture

And this is really the point of how this job information comes in with stocks up, gold down with a stable dollar...

THE US WORKER IS BEING FUCKED IN THE ASS and

though he may or may not not like it...

HE TAKES IT.

Fri, 07/05/2013 - 10:51 | 3723649 karp4cy
karp4cy's picture

Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.  T.Jefferson, 1776.

Fri, 07/05/2013 - 11:03 | 3723680 Real Estate Geek
Real Estate Geek's picture

I've got good news, Iggy!  "Prostate Massage and Release" is part of Obamacare's minimum essential coverage.  It still hurts bad, but Uncle Sugar will pay someone for it, so I guess that's good . . .

Fri, 07/05/2013 - 12:02 | 3723818 Ignatius
Ignatius's picture

Good news... but it's not "Iggy"...

It's Ignatius J. Reilly, Mongoloid, Esquire

Slob, extraordinaire.

Fri, 07/05/2013 - 13:17 | 3724068 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

There's the ego, the superego, the id, and now, pulling them all together, the Ig...

Fri, 07/05/2013 - 12:03 | 3723821 dunce
dunce's picture

Expanding sales with cross selling 103, would you like fries with that?

Sat, 07/06/2013 - 09:40 | 3726191 PD Quig
PD Quig's picture

And, of course, the college grad exit question: "Did you find everything that you were looking for?"

Fri, 07/05/2013 - 11:05 | 3723647 Real Estate Geek
Real Estate Geek's picture

This article is just more ZH propaganda.  A job is a job is a job; they're ALL good. 

Now if you'll excuse me, duty calls and I must attend to another cleanup on Aisle 7.  I bet those boisterous Wall Street lads were horsing around again . . .

Fri, 07/05/2013 - 09:45 | 3723380 Never One Roach
Never One Roach's picture

My neighbor's kid brags he got 2 part time jobs: 1 bagging on aisle 3 and one other job bagging groceries on aisle 6.

 

Now that's 1 ambitious Yute!

Fri, 07/05/2013 - 11:06 | 3723689 Real Estate Geek
Real Estate Geek's picture

I read that as one ambitious YALIE.

If only it was true and not my dyslexia. 

Fri, 07/05/2013 - 09:27 | 3723314 Martial
Martial's picture

It equals the American Dream. Bernanke says so.

Fri, 07/05/2013 - 09:44 | 3723373 GeezerGeek
GeezerGeek's picture

Modern American Dream (MAD): get someone else to foot the bill.

Fri, 07/05/2013 - 10:50 | 3723645 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

"It's called The American Dream because you have to be asleep to believe it."

George Carlin

https://www.youtube.com/watch?v=acLW1vFO-2Q&feature=player_detailpage

Fri, 07/05/2013 - 09:38 | 3723350 mkucstars
mkucstars's picture

And not affording health insurance will only cost an extra $95 fine. Whew, happy days are here again!

Fri, 07/05/2013 - 10:20 | 3723517 autofixer
autofixer's picture

Your fine will be added to your "taxes owed" when you file your form 1040-EZ, so you financial idiots will never notice.  Signed, Kathleen Sebelius. 

Fri, 07/05/2013 - 11:09 | 3723694 Real Estate Geek
Real Estate Geek's picture

Plus 1 for the snarky use of boldface (notwithstanding the Chief Justice's opinion . . . )

Fri, 07/05/2013 - 12:53 | 3724011 machineh
machineh's picture

Please, it's Kathleen Syphilis ... show some respect, okay?

Sat, 07/06/2013 - 09:43 | 3726193 PD Quig
PD Quig's picture

Kathleen Sebelius walks into a bar. The bartender says, "Why the long face?"

Fri, 07/05/2013 - 11:40 | 3723761 kchrisc
kchrisc's picture

And here is the bigger surprise coming to the sheeple: ObamaCare is going to tax welfare.

You and your wife have two part-time jobs each but don't earn enough to support the family of 5. Uncle sugar, the people who destroyed the economy, "graciously" gives you food stamps and several tax "credits" (welfare) that help keep you and yours above water.

Now since you don't make enough to be stuck in Medicaid and none of your employers can afford your health insurance, you must buy your own. Of course you can't afford to buy your own, so you are assessed a "penalty" (a tax, as everything paid to those of government is always a tax). The "penalty" serves to reduce or even eliminate your welfare benefits.

Surprise, surprise, surprise!

Fri, 07/05/2013 - 12:13 | 3723856 dunce
dunce's picture

I can see another revision in how much of social security is taxable. It would not count as a a raise in the tax rate if every dollar of income reduced a social security check dollar for dollar because it has been determined that you have "enough" income. Govt. pensions of politicians and public employees would be exempt.

Fri, 07/05/2013 - 09:49 | 3723396 CrashisOptimistic
CrashisOptimistic's picture

No, two part time jobs doesn't equal one full time job -- because of the tax rate differential.

Two guys at 20K, after deductions, may pay $1K each in income taxes.

One guy at 40K, after deductions, will pay about $3K in income taxes.  The progressive tax rate smashes revenue sharply lower when faced by a nation of part time workers.

Fri, 07/05/2013 - 11:37 | 3723753 MachoMan
MachoMan's picture

Bingo.  I know I keep harping on it, but not only will this put downward pressure on tax revenues, but so will a myriad of other things, e.g. the transition from employees to independent contractors for professional jobs (licensed/certified).  This isn't chump change either...

Of course, less tax revenue would never mitigate government expansion...

Fri, 07/05/2013 - 12:21 | 3723891 Totentänzerlied
Totentänzerlied's picture

"smashes revenue sharply lower"

So there is a silver lining!

Fri, 07/05/2013 - 12:32 | 3723935 de3de8
de3de8's picture

Only for a little while

Fri, 07/05/2013 - 09:51 | 3723413 B2u
B2u's picture

A third part time job is needed to pay for Obamacare.

Fri, 07/05/2013 - 10:33 | 3723574 11b40
11b40's picture

Maybe, but it will take 3 part-time jobs to pay for your health care and that benefits package you once had.  Maybe even 4 part-time jobs to get you back to where you were.

Fri, 07/05/2013 - 15:33 | 3724469 KickIce
KickIce's picture

Great, we can all be like the Jamaican family in "In Living Color."

Fri, 07/05/2013 - 09:20 | 3723271 Rogue Trooper
Rogue Trooper's picture

Is the NSA hiring all these part timers?  I guess with PRISM and BONESAW they would be kinda busy.

Will SCAN for food.

Fri, 07/05/2013 - 09:39 | 3723352 Pegasus Muse
Pegasus Muse's picture

The NSA is having difficulty recruiting new snoops.

We get more honest questioning about NSA activities from students being recruited by the NSA than we get from all the tea-bagging sycophantic pseudo-journalists posturing and parading on Official Propaganda TV and in the print media. 

===  

Students DESTROY NSA Recruiters Over Illegal Spying and Lies  

http://www.youtube.com/watch?v=VUrIXFkwFmU#at=129

Fri, 07/05/2013 - 09:48 | 3723391 Kaiser Sousa
Kaiser Sousa's picture

hope the 4th was all you thought it would be.....

 

"As the world focuses on the high-tech spying of the National Security Agency, the misplaced card offers a rare glimpse inside the seemingly low-tech but prevalent snooping of the United States Postal Service.

Mr. Pickering was targeted by a longtime surveillance system called mail covers, a forerunner of a vastly more expansive effort, the Mail Isolation Control and Tracking program, in which Postal Service computers photograph the exterior of every piece of paper mail that is processed in the United States — about 160 billion pieces last year. It is not known how long the government saves the images.

Together, the two programs show that postal mail is subject to the same kind of scrutiny that the National Security Agency has given to telephone calls and e-mail."

http://www.nytimes.com/2013/07/04/us/monitoring-of-snail-mail.html?pagewanted=all&_r=1&

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