Full-Time Jobs Tumble By 367,000, Biggest Drop In Three Years

Tyler Durden's picture

While on the surface, the payrolls report, the wage growth and the unemployment rate (which dropped for all the wrong reasons) were disappointing, a quick look inside the underlying data reveals even more troubling trends, such as that in addition to the number of employed workers dropping by 233K according to the household survey, the composition of these jobs raised even more red flags because in May the US lost 367,000 full time jobs offset by the gain of 133,000 part time jobs.

Putting this number in context, it was the biggest drop in full-time jobs going back to June 2014.

And in this context, we are happy to announce that while manufacturing jobs once again declined by 1,000, the waiter and bartender recovery continues to hum along, with 30,000 workers added in "food services and drinking places."

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Took Red Pill's picture

it's Bush's fault, I mean Obama's fault. Presidents get all the blame and all the credit when in reality they do little.

Joe Davola's picture

In general, the less they do, the better.

BeansMcGreens's picture

Where is Calvin Coolidge when you need him. Most effective President ever.

yogibear's picture

Why? The Federal Reserve can just extend what it's been doing and buy them and hide them, off balance sheet with the rest of their junk.

VD's picture

who needs jobs when the "markets" are at ATHs?

 

the financialization will continue....

Bill of Rights's picture

Ehh work is over rated anyway...

Seasmoke's picture

Work is a 4 letter word.  

Helix6's picture

Sooo...  This means that food, electricity, building materials, medical services, etc. all just come about by themselves?

LawsofPhysics's picture

"Winning" - Your overlords in banking and finance.

Aubiekong's picture

Now if you want to destroy any chance the economy has just increase the minimum wage to $15.00 per hour...

praps's picture

"30,000 workers added in "food services and drinking places."

The rich need their slaves.

Helix6's picture

So we're going back to feudalism.  Wasn't that the Overlords' project from the beginning?

LawsofPhysics's picture

Real work requires that you consume energy and real resources and face real RISK.

In the modern monetary system bankers and financiers DO NOT!!!

They have access to all the "money" they want for FREE (ZIRP/NIRP) and without RISK (bailouts and bail-ins)!!!

See the problem yet?

A. Boaty's picture

In fiat USSA, we pretend to work and they pretend to pay us. (Thanks, Laws, for that idea.)

LawsofPhysics's picture

Yep. Coming to the exact same destination as the former Soviet Union...

"Winning"

BurningFuld's picture

Also you would have to be out of your mind to hire a full time worker and then have to provide Health Care.

Endgame Napoleon's picture

That probably is a factor, but note that employers are provided with $260 billion each budget in tax exclusions to provide it, oftentimes to people whose working spouses are also covered by their employers. The government gives these double-covered, two-earner households who concentrate the good-paying jobs across fewer households a personal tax exclusion on that income from their benefits, too, even though fewer citizens are covered when two-earner households double up on the decent-paying jobs with benefits. In addition to the extremely generous absenteeism privileges for working moms in every workplace that I have seen, these two-earner households want even more freebies from government for reproducing.

http://www.taxpolicycenter.org/briefing-book/how-does-tax-exclusion-empl...

It is so different for the self-employed. When I owned a small business, we were even taxed on our loan, like it was income, and we paid twice as much SS tax as the often-coddled employed. The employed enjoy their tax exclusions or their Obamacare blanket, and meanwhile, small employers, the self-employed and workers who are paid too little to rent an apartment from their wages alone are forced to pay a tax penalty for skipping government-mandated health insurance when they cannot afford it.

When their income is low or they fall on hard times, the same people who benefit from the healthcare component of a rigged system are the ones with access to everything else government doles out for free: free food, free or reduced housing, Child Tax Credits of up to $6,269, adding a ton of money at tax time for parents to spend as they please.

This welfare-buttressed group of single moms, in addition to welfare-infused immigrants, kids living at home or in big groups of unattached roommates, retired people and moms with unearned income from spouses or ex spouses, dominates the part-time, low-wage, churn jobs due to unearned income that covers their major household bills That is why this part-time/gig economy is likely to continue. For one thing, only a few people, like Tyler, will even address the issue, whereas many citizens are living it without the access to womb-based, unearned income.

bloofer's picture

You're right. The fathers of these children of single moms should be providing for their support.

Soul Glow's picture

Trump needs to own this too, because he tried to take credit for a "great economy" in the 1st qtr.  He should have said he had no idea why stocks were ramping, maybe it was hype in the fact that after 4 years he would turn this ship around, but that the economy waas still in a bubble.  Instead he now has to take ownership for whatever failure happens even though it's Obama's fault, with a little dash of CLinton and Bush on it.

user2011's picture

Well, Mexico should really pay for the wall, otherwise American will start going across the border for works.

lester1's picture

Still raising interest rates to fuck Trump Janet Yellen??

 

I know you are lurking..

Seasmoke's picture

4 part time jobs < 1 full time job. ...... add in some Mr. Yellen theft, err I mean hidden inflation and you have 100 million running in quick sand. ..... how there isn't a Revolution Civil World War by now , I have no idea. 

Got The Wrong No's picture

Food Stamps, free housing, free phones, free education, free health care......drugs

yogibear's picture

Be on SS disability collecting $30,000/year too, playing golf and enjoying others work.

Fake Trump's picture

Free sex as well. All problems resolved. Trump will get another term.

Thebighouse's picture

Do NOT be the 10th in line at the market casino ATM to try and withdraw a good profit you are sitting on.

Or you may find you were Corzined

Ricki13th's picture

Moody analytics downgrades China's credit and a US state (Illinois), Puerto Rico is defaulting on their debts, Greece and much of Europe in Austerity, economic collapse happening as we speak in Brazil and Venezuela. I keep saying it but after the fed raises rates in June all bets are off. This economy is going downhill (its already pretty shitty). Every ingredient for a pump and dump scenario is here high consumer confidence (soft data), Low jobless claims, Low unemployment, soaring debts, demand for oil is down, Government tax receipts are down, yield curve is flat. Subprime auto loan bubble is already bursting, retail is jumping off a cliff. The only thing buoying this market is very overvalued FAANG stocks. The corporate insiders are selling stocks while the retail investor sheep are buying it up. Classic setup reminds me of 2001 dotcom bust but this time the fundamentals are much worse than 2008. Oops sorry I meant buy stawks, nothing to see here.

Bill of Rights's picture

Of course when the so called Progressive scum were holding the staff, all was well and coming up roses...So they said.

 

Go spend they said the water is fine!

giorgioorwell's picture

So literally everything Trump said yesterday in his Paris Accord speech about how great an impact he's already had on the economy and how many jobs had already come "back" or saved was BS?  My god, I'm horrified.  Pffttt...Trump can't and won't do anything to solve these problems, he's a Goldmanite.

Deep Snorkeler's picture

You all must buy goods and services in ever-increasing amounts.

It is a matter of lifestyle preservation and a healthy economy.

Realize that crazed consumerism is essential to our national survival.

Buy things in a frenzy like your lives depend upon it.

 

 

Fake Trump's picture

Buy Ivanka Brands. Good stuffs. Made in China.

Helix6's picture

I went to the grocery store yesterday.  I'm here to tell you I don't have to buy more to spend more.

south40_dreams's picture

This is the real obama economy

Fake Trump's picture

Who is the president of the US now?

giorgioorwell's picture

Yeah, keep trying to play that card...Trump's a Goldmanite if you hadn't noticed.

Sam Spayed's picture

It'll take time to overcome the obama funk. It's like a bad BO smell, it lingers.

J Mahoney's picture

Unemployment rate is BOGUS-- labor NON participation rate at an all time HIGH

Courts disallow selective immigration ban so ban ALL immigration so people get to work

STOP the Asian subsidy of postal rates pushed by Amazon and Ebay which moves jobs to Asia because they can ship uninspected good here for practically nothing and NOT PAY income or sales tax. This is also bankrupting the USPS (yearly P/L and pension plan)

Immigrants now must not be allowed to come here and immediately get on rent assistance and food stamps (see it first hand in "ethnic grocery stores"). Immigrants over 45 should never get subsidized social security-- only get based on what they pay in.

bloofer's picture

The USPS is a HUGE welfare program billed to the taxpayers. It employs, largely, the scum of the earth who refuse to do their jobs, and spend their shifts getting in physical altercations. When they are fired to [fill in the blank], they are rehired after a year or so with full back pay. The USPS should be privatized and run in a normal fashion.

 

Intoxicologist's picture

Here in the northern climes at least, winter means a cut in hours for bartenders and waitresses because things slow to a crawl. Now, however, you could get twelve jobs if you were so inclined.

Fake Trump's picture

Mr. Trump look even part-time jobs disappeared. What is going on. Please don't blame others for that. You're now the president. An advice to you. Create part-time blow jobs.

Helix6's picture

The promise of globalization, finally bearing its poisonous fruit.

TheFulishBastid's picture

It's an "independent contractor" world baby! We're all our own bosses now! 

And our own accountant, and sales manager, And supply manager, and lead negotiator, and hr department, and secretary....

Bloomberg2016's picture

Hooray! Thanks to Trump we'll have a shitty environment AND no jobs!!! 

decentralisedscrutinizer's picture

 

Almost all the world’s economic and political problems revolve around the hegemony of a global corporate cartel, which is headquartered in the US because this is where their dominant military force resides. The US Constitution is therefore the “kingpin” of an all-inclusive global financial empire. These fictitious entities now own the USA and command its military infrastructure by virtue of the Federal Reserve Corporation, regulatory capture, MSM propaganda, and congressional lobbying.

 

 

 

The Founders had to fight a bloody Revolutionary War to win our right to incorporate as a nation – the USA. But then, for whatever reason, our Founders granted the greediest businessmen among them unrestricted corporate charters with enough potential capital & power to compete with the individual states, smaller sovereign nations, and eventually to buy out the USA itself. The only way The People can regain our sovereignty as a constitutional republic now is to severely curtail the privileges of any corporation doing business here. To remain sovereign we have to stop granting corporate charters to just any “suit” that comes along without fulfilling a defined social value in return. The "Divine Right Of Kings” should not apply to fictitious entities just because they are “Too Big To Fail”. We can't afford to privatize our Treasury to transnational banks anymore. Government must be held responsible only to the electorate, not fictitious entities; and banks must be held responsible to the government if we are ever to restore sanity, much less prosperity, to the world.

 

 

 

It was a loophole in our Constitution that allowed corporate charters to be so easily obtained that a swamp of corruption inevitably flooded our entire economic system. It is a swamp that can't be drained at this point because the Constitution doesn’t provide a drain. This 28th amendment is intended to install that drain so Congress can pull the plug ASAP. As a matter of political practicality we must rely on the Article 5 option to do this, for which the electorate will need overwhelming consensus beforehand. Seriously; an Article 5 Constitutional Convention is rapidly becoming our only sensible option.

 

This is what I think it will take to save the world; and nobody gets hurt: 28th Amendment

 

 

 

Corporations are not persons in any sense of the word and shall be granted only those rights and privileges that Congress deems necessary for the well-being of the People. Congress shall provide legislation defining the terms and conditions of corporate charters according to their purpose; which shall include, but are not limited to:

 

1, prohibitions against any corporation;

 

a, owning another corporation,

 

b, becoming economically indispensable or monopolistic, or

 

c, otherwise distorting the general economy;

 

2, prohibitions against any form of interference in the affairs of;

 

a, government,

 

b, education,

 

c, news media, or

 

d, healthcare, and

 

3, provisions for;

 

a, the auditing of standardized, current, and transparent account books, and

 

b, the establishment of a state and municipal-owned banking system

 

c, civil and criminal penalties to be suffered by corporate executives for violation of the terms of a corporate charter.