Multiple Jobholders Hit New All Time High As Part-Time Jobs Soar

Tyler Durden's picture

While today's headline jobs number was essentially Goldilocks, with the payrolls print missing the expected print of 180K by just 2,000 jobs, it was accompanied by a plunge in the unemployment rate to 9 year lows as a result of a jump in the number of people leaving the labor force, and rising to a new all time high of over 95 million. But while the quantitative headline aspect is open to interpretation, the qualitative component of the November jobs print was - just like in the case of October - quite clear: it was ugly, again.

Recall that in October, the Household Survey revealed that the number of full-time workers tumbled by 103,000 as part-time workers jumped by 90,000. The trend continued in November, when another 118,000 part-time jobs were added, paired with a far more modest 9,000 increase in full -time jobs.

The divergence is even uglier when looking at the non-seasonally adjusted jobs, i.e., real change: here we see a drop of 628,000 full-time jobs in November, offset by a surge in 678,000 part-time, mostly retail jobs.

Going back to the seasonally adjusted number, we find a troubling trend: as noted above, it was not just November: in the past three months, full-time jobs have declined by 99,000 while part-time jobs have surged by 638,000, which more than anything should explain the unexpected slide in the average hourly earnings, which as noted previously, dropped by -0.1%, the worst monthly change since 2014.

But perhaps even more troubling than the breakdown in November job quality, was another seldom-touted series: the number of Multiple jobholders, or people who are forced to hold more than one job due to insufficient wages or for other reasons. It was here that the red flashing light came on because while on a seasonally adjusted basis, the series rose once again by 61,000 to 7.8 million; when looked on an actual, unadjusted basis, the number of multiple jobholders increased again, rising by 57, and hitting 8,107 million, the highest number this century.

The again begs the question: how many of the 178K headline jobs "added" in November were double counted as a result of the ongoing rise in the number of multiple jobholders.

So yes: overall job growth continues to chug along - even if unconfirmed by the troubling drop in wages - if at a modestly disappointing pace at least in October, but the quality of the added jobs remains woeful.

Source: BLS

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
spastic_colon's picture

everything is set up for trump to fail....its no mystery....the demlibs still have the stats machines

Jim Sampson's picture

Imagine how fucked this planet will be after the fall and then the Dems take back over?

E.F. Mutton's picture

"The jobs I've created are so good, people want more than one" - B.H.O.

tarsubil's picture

Many don't work. Many work two jobs. Few elites at the top profit off all of their suffering. This should work out well.

847328_3527's picture

It works as long as the middle class slaves don't revolt. So far, they have just "revolted" with their votes.

clade7's picture

I cleaned some gutters...that counts...

Arnold's picture

Well, I nearly finished the contract labor on Job #3.

Almost beer thirty.

StackShinyStuff's picture

Ha!  Goldilocks!  Moar Jobz Bitchez!!!

shimmy's picture

Blame the weather. People like warmer November weather so much that they decide to go and work multiple min wage jobs during it. 

ajkreider's picture

Part time job holders for economic reasons fell. The numbers are in the BLS tables.

mgbkurtz's picture

I'm sure it doesn't count people like me that moonlight cash gigs after work.

Hal n back's picture

they have that covered--no cash society will take care moonlighters, baby sitters, etc

all we really need to do is eliminate the income tax and go to value added tax for that, but our govt would just add the value added tax

 

Rainman's picture

Warning !! ... Pizza delivery jobs one of the most dangerous in 'Murika. Demand hazardous duty pay !

abyssinian's picture

Long as all the clowns on CNBC say the economy is booming and everything going great, that is what matters. 

NewHugh's picture

So multiple and part-time jobholders make the payroll count metric seem like better news than it actually is...

NewHugh's picture

Hm just found a 1995 NYT opinion article supporting this...

 

http://www.nytimes.com/1995/07/16/opinion/l-payroll-count-makes-misleading-jobs-index-734595.html

 

And THAT's during slick Willy's presidency, though possibly blaming GHW Bush...

 

jamesmmu's picture

No wonder we cant find jobs.

Traitor to America: South Carolina’s Lindsey Graham Prepares Bill to Protect Illegal Aliens under Obama Exec. Order.

http://investmentwatchblog.com/traitor-to-america-south-carolinas-lindse...

skunzie's picture

So, this would become just one more collasal mess up created by the current occupant of the WH that The Donald will have to undo in order to get Americans back to work.