Final Nail In Today's NFP Tragicomedy: Record Surge In Part-Time Workers

Tyler Durden's picture




 

It appears the record surge in people not in the labor force is not the only outlier in today's data. For the other one we go to the Household Data Survey (Table 9), and specifically the breakdown between Full Time and Part Time Workers (defined as those "who usually work less than 35 hours per week"). We won't spend too much time on it, as it is self-explanatory. In January, the number of Part Time workers rose by 699K, the most ever, from 27,040K to 27,739K, the third highest number in the history of this series. How about Full time jobs? They went from 113,765 to 113,845. An 80K increase. So the epic January number of 141.6 million employed, which rose by 847K at the headline level: only about 10 % of that was full time jobs: surely an indicator of the resurgent US economy... in which employers can't even afford to give their workers full time employee benefits. We can't wait for Mr. Liesman to explain how this number, too, is unadulterated hogwash, and how it too is explained away to confirm economic strength. Incidentally this is not the first time we have discussed the issue of part vs full time workers: for more see here: "Charting America's Transformation To A Part-Time Worker Society, Following 6 Straight Months Of Full Time Job Declines"

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Fri, 02/03/2012 - 11:57 | 2123321 TruthInSunshine
TruthInSunshine's picture

LOLstatistic of the day:

Wow. But Is the Number Real? 

February 3, 2012, 10:13 am

By FLOYD NORRIS

How many jobs did the American economy add in January?

 

The Labor Department estimated on Friday that the economy gained 243,000 jobs.

 

The department also estimated that the economy lost 2,689,000 jobs in the month.


The difference in the two numbers is in seasonal adjustment. Employment always falls in January, as temporary Christmas jobs end. So the government applies seasonal adjustment factors in an effort to discern the real trend of the economy apart from seasonal fluctuations. The actual survey showed the big loss in jobs. The seasonal adjustments produced the reported gain of 243,000 jobs.


A reason to doubt the number is that there has been a tendency in this cycle for the seasonal factors to overstate moves, in both directions. Labor mobility is down, as fewer workers quit to seek better jobs and employers both hire and fire fewer people than they used to do. If the seasonal adjustment was too large, then the gain should be smaller.

 

LOLstatistics Moment of the Day, sponsored by JP Morgan.

JP Morgan™ reminds everyone to eat their peas.

Fri, 02/03/2012 - 11:59 | 2123366 American34
American34's picture

SANTELLI mentioned ZH live on CNBC!!! Santelli for President!!! Is it true? Is Mr. Durden building an Army?

Fri, 02/03/2012 - 12:02 | 2123391 Pladizow
Pladizow's picture

Must maintain the Perpetual Paper Ponzi!

Fri, 02/03/2012 - 12:09 | 2123419 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Sipping Coffee with Ben Bernanke

[Elton John's Tiny Dancer plays as Bernanke walks on to the set wearing a sweater vest and kakis]

[APPLAUSE]

Thank you!

[Smiling]

Good morning, and welcome to Sipping Coffee, with me, Ben Bernanke.  Today we have a great show in store for you.  I have some freinds stopping by; Timmah and Law Wrench will be paying us a visit!

[APPLAUSE]

First, a message from our sponsers....

[Are you poor?  Hungry?  Tired?  Yes?  Then you are part of the new slave class!  As part of the new slave class you are free to visit FEMA holiday camps!  You will have the luxery of one hot and two cold meals per day, showers every other day, and a communal TV that you will be able to watch for half an hour a day!  If you have any questions, please call 1-800-BIG-BROS.  We look forward in helping you start a new life....]

[Camera back on Ben]

FEMA camps look like a wonderful place for the new slave class.  It's good to see the US is still so altruistic.

[Ben walks to couches]

I have known these two for quite some time now.  We participate in the same satanic rituals, go to the same country clubs, and all have great disdain for sound money policy.  Join me in welcoming my friends Timmah and Law Wrench.

[Timmah, riding a tricycle, and Law Wrench in a clown car, enter stage left]

Please you two, sit down.

Timmah!

[Law Wrench Farts loudly]

[LAUGHTER]

Great to see you two!  We last spoke during the sacred burning of the dollar ceremony.  How have you been?

Timmah!

[Law Wrench farts loudly]

Great!  Are you two planning on moving out of the country soon, or do you think you own enough land in Montana to survive the economic collapse on the horizon, a la Don Rumsfeld?

[Law Wrench is asleep and snoring loudly]

Timmah!

[LAUGHTER]

Me too. 

We are going to break, but stay tuned because when we get back these two are going to mud wrestle in human feces!

[Tiny Dancer]

[APPLAUSE]

Fri, 02/03/2012 - 12:16 | 2123464 nope-1004
nope-1004's picture

Where's MDB when you need him?  I miss hearing about "Dr. Ben Bernanke" and the "Honorable Hussein Obumma" when such a wonderful NFP number such as this is released - Grade 4 math aside, of course!

 

Fri, 02/03/2012 - 12:17 | 2123476 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

MDB got stage fright after Rick talked about Fight Club.

MDB, the stage is all yours....

Fri, 02/03/2012 - 13:19 | 2123738 gookempucky
gookempucky's picture

Great schtick LH---not as funny as the UE # but pretty good.

Fri, 02/03/2012 - 12:05 | 2123413 French Frog
Fri, 02/03/2012 - 12:15 | 2123471 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I look around....I look around and see a lot of new faces.

Fri, 02/03/2012 - 12:08 | 2123425 Atomizer
Atomizer's picture

Wait until Rush goes on air in about 50 minutes.

Fri, 02/03/2012 - 15:18 | 2124266 Woodyg
Woodyg's picture

Santilli's a Freak.......

And a joke, a jerk and a rich SOB whose time will come -

Corporate, tea party spokesman for the .001%

Go sell some guns to the Iranians w that trator Cheney would ya......

Sun, 02/05/2012 - 10:33 | 2128364 GetZeeGold
GetZeeGold's picture

 

 

I hope there's only .001% of you. 

 

 

Fri, 02/03/2012 - 12:00 | 2123374 GeneMarchbanks
GeneMarchbanks's picture

Great read here:

http://www.amazon.com/Society-Spectacle-Guy-DEBORD/dp/0934868077/ref=pd_...

Stop pretending to be surprised by all of this and get on with things that actually matter.

Fri, 02/03/2012 - 12:09 | 2123403 The Deleuzian
The Deleuzian's picture

+1000

That book's influence is still growing...Way ahead of its time...

Fri, 02/03/2012 - 12:03 | 2123380 Cdad
Cdad's picture

Brother Truth, you know as well as I that what is important here is that bankers are making big bucks this morning on paper wealth.  With those big bucks, they will support local economies in NY, NY, while also supporting the small jet manufacturing industry as they prepare for the Lear Jet exodous later this year when the Wall Street syndicate curtain on the real economy finally snaps the actual curtain rod it is hanging on...suddenly exposing the largest financial crime ever perpetrated, or otherwise known as B. Bernanke's tenure at the Fed.

So party on Truth.  Come by Walmart, and I'll help you find a shopping cart.  I'm there 9 am to noon on Tuesdays and Thursdays.

Fri, 02/03/2012 - 12:34 | 2123519 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Later this year....

I respect everyone's opinion, but how the fuck does this go on given the data.  Europe needs and is going to burn $10 trillion in the next stage of their bailouts.  The Fed is targetting inflation and shoveling dollars in the Fed's furnace like there is no tomorrow.  We are past the point of no return.

They need 7% growth to continue the ponzi.  That 7% is going to be pure inflation.  This has been going on for three years.  This compounds into a Tsunami of leverage.  This leverage is above the heads of a populace that is broke, tired, and hungry.

Fri, 02/03/2012 - 12:03 | 2123399 slaughterer
slaughterer's picture

Tyler, thanks for finding the holes in this report.  Readers need to know the mechanics of the manipulation here.  

Fri, 02/03/2012 - 12:19 | 2123480 tarsubil
tarsubil's picture

Printed fiat really is like heroin. It dulls the senses (government readings and stats) to reality. A lot of people feel good but we are quickly dying.

Fri, 02/03/2012 - 12:27 | 2123508 g3h
g3h's picture

Source of the "2,689,000 job loss"?

Fri, 02/03/2012 - 11:55 | 2123328 tmosley
tmosley's picture

Largest employment gain was in "Part-time Economy Fluffers".

Fri, 02/03/2012 - 12:18 | 2123474 TruthInSunshine
TruthInSunshine's picture

Bullshit Labor Statistics (BLS) is doing its thang...

1.2 million working age people no longer have the honor & privilege of being 'counted' for purposes of tabulating unemployment + inherently flawed 'seasonal january adjustment' + a whole lot of temporary workers @ no benefits and minimum wage = turn an actual survey data of a loss of 2.7 million jobs into a BLS reported gain of 243,000 jobs.

 

Yeah....

....Recovery, bitchez!

Fri, 02/03/2012 - 12:36 | 2123537 francis_sawyer
francis_sawyer's picture

Largest employment gain was in "Part-time Economy Fluffers".

Well they ought to give them a raise... Seems they did a bang up job...

Fri, 02/03/2012 - 11:55 | 2123329 Cdad
Cdad's picture

"Welcome to Walmart, my name is Cdad.  How can I help you?"

Fri, 02/03/2012 - 11:57 | 2123346 Global Hunter
Global Hunter's picture

Hi Cdad, yes do you have any applications I could use some hours to supplement my income, I could use a few shifts a week, perhaps night shift?  I will work anywhere along the 401 corridor between Montreal and Toronto

Fri, 02/03/2012 - 12:05 | 2123410 Cdad
Cdad's picture

"Sure...let me walk you over to the manager's office.  I think they are hiring for the noon to three on Wednesdays."

Fri, 02/03/2012 - 17:26 | 2124800 Non Passaran
Non Passaran's picture

It has to be said, though, that this week I read that WM is going to get rid of (hopefully "re-assign" and not lay off) their greeters.

Fri, 02/03/2012 - 11:58 | 2123356 Burr's 2nd Shot
Burr's 2nd Shot's picture

"Welcome to Costco, I love you"

Fri, 02/03/2012 - 12:12 | 2123458 pods
pods's picture

Brought to you by Carl's Jr..........

Fri, 02/03/2012 - 13:07 | 2123665 TruthInSunshine
TruthInSunshine's picture

Today's Bureau of Labor & Statistics NFP Report is sponsored by Brawndo, The Thirst Mutilator!

Brawndo: Its got what plants crave. It's Got Electrolytes!

Fri, 02/03/2012 - 13:28 | 2123796 Jumbotron
Jumbotron's picture

Brought to you by Carl's Jr..........

 

Hey...I'll sling some burgers if I get a chance to be a pert of Paris Hilton's next ad with them...

 

http://www.youtube.com/watch?v=12t2z_G3Npg&oref=http%3A%2F%2Fwww.youtube...

 

Fri, 02/03/2012 - 12:06 | 2123404 Cognitive Dissonance
Cognitive Dissonance's picture

Actually I saw a news blurb from a few days ago stating that Wal-Mart was actually going to lay off many of their "overnight" greeters despite the long tradition of greeting every customer who walks in regardless of when begun by Sam himself.

Try Target Cdad. I like their bath towels much better anyway and their men's briefs are to die for. CD's junk needs the extra soft treatment at my advanced age. :>)

http://money.msn.com/saving-money-tips/post.aspx?post=f9fa2c85-5d69-41e0-9ea9-870054e6a2f5

Fri, 02/03/2012 - 12:08 | 2123426 Cdad
Cdad's picture

Oh man...I just helped someone to the manager's office to get an application for the noon to three on Wednesday shift, and the manager pulled me aside and quietly handed me a pink slip.  Bugger!

Fri, 02/03/2012 - 12:08 | 2123428 Max Hunter
Max Hunter's picture

Indeed.. Target is head and shoulders above Walmart. Especially their clearance items.. I buy very little from Walmart these days..

Fri, 02/03/2012 - 12:25 | 2123504 Agent P
Agent P's picture

Briefs are for boys, CD.  Man up and switch to boxers and let your junk swing free!

Fri, 02/03/2012 - 12:30 | 2123518 Dr. Engali
Dr. Engali's picture

Hey Perry the Platypus. How have you been?

Fri, 02/03/2012 - 12:34 | 2123525 Agent P
Agent P's picture

Pretty good brother.  How are things with you?

Fri, 02/03/2012 - 12:37 | 2123542 rosiescenario
rosiescenario's picture

...but  then I'd have to let the hem out on my shorts...

Fri, 02/03/2012 - 12:27 | 2123511 The Big Ching-aso
The Big Ching-aso's picture

 

 

"Welcome to Walmart, my name is Cdad.   How can I help you?"..........................

"Could you direct me to your booze department?"

Fri, 02/03/2012 - 17:14 | 2124741 Goldilocks
Goldilocks's picture

(ad nauseum) Welcome to Costco, I love you...

Best of Idiocracy - Welcome to Costco
http://www.youtube.com/watch?v=Z8zNsUTWsOc (0:12)

Fri, 02/03/2012 - 11:56 | 2123336 hedgeless_horseman
hedgeless_horseman's picture

 

 

"Working nine to three, what a way to make a living."

Fri, 02/03/2012 - 11:58 | 2123357 Global Hunter
Global Hunter's picture

That is the 9 to 3 shift were you are obligated to take an unpaid break between 11 and 1? 

Fri, 02/03/2012 - 12:02 | 2123386 hedgeless_horseman
hedgeless_horseman's picture

 

 

Workin' 9 to 3
What a way to make a livin'
Barely gettin' by
It's all takin'
And no givin'
You must take a lunch
And they never give you credit
It's enough to drive you
Crazy if you let it

Fri, 02/03/2012 - 12:41 | 2123552 francis_sawyer
francis_sawyer's picture

That is the 9 to 3 shift were you are obligated to take an unpaid break between 11 and 1?

No... The unpaid break starts at 9:05 & goes to 2:55... Please use the time to walk around and look like you're shopping...

Fri, 02/03/2012 - 11:57 | 2123340 JFK.4PREZ
JFK.4PREZ's picture

I think we need another census soon!  Imagine how good the job numbers will look then.  

Fri, 02/03/2012 - 12:03 | 2123401 Everybodys All ...
Everybodys All American's picture

Anyone care to ask what census they are talking about? It's 2012. Not the 2010 census. Seriously, what census?

Fri, 02/03/2012 - 11:57 | 2123348 Irish66
Irish66's picture

 I can fly, can you?

Fri, 02/03/2012 - 15:53 | 2124381 HungrySeagull
HungrySeagull's picture

not legally w/o a license.

Fri, 02/03/2012 - 11:57 | 2123351 PaperBear
PaperBear's picture

Terrible on not one count, not two counts, not three counts but terrible on FOUR counts.

Fri, 02/03/2012 - 11:59 | 2123354 The trend is yo...
The trend is your friend's picture

CNBC told me this is positive because the corparations are going to slowy ease into hiring. their testing the water before them jump in with both feet and go on a crazy hiring spree..  Bullish.  Winning.

Fri, 02/03/2012 - 11:58 | 2123359 Yen Cross
Yen Cross's picture

 I don't know how Santelli deals with Liesman. That guy has his head so far up Bernankes' ass, you can see that giant boner nose of his everytime Ben opens his mouth!

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