• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Full-Time Jobs -228,000; Part-Time Jobs +31,000

Tyler Durden's picture




 

We got the pre-spun job quantity data already, where we learned that nearly 3 times the headline print was due to seasonal and B/D adjustments and is thus nothing but noise. Now we get the quality. As can be seen below, courtesy of Table A9 from the Household Survey, in July the number of part-time jobs added was 31K, bringing the total to 27,925, just shy of the all time record of 28,038. Full time jobs? Down 228,000 to 114,345,000 lower than the February full-time jobs print of 114,408,000. Once again, more and more Americans are relinquishing any and all benefits associated with Full Time Jobs benefits, and instead are agreeing on a job. Any job. Even if it means working just 1 hour a week. For the BLS it doesn't matter - 1 hour of work a week still qualifies you as a Part-Time worker.

Full time and part-time jobs summary:

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Fri, 08/03/2012 - 09:13 | 2675437 Turin Turambar
Turin Turambar's picture

BULLISH!

Fri, 08/03/2012 - 09:15 | 2675450 malikai
malikai's picture

Bullish for muppet stew!

Fri, 08/03/2012 - 09:20 | 2675470 TruthInSunshine
TruthInSunshine's picture

Barry Ritholtz just tweeted "nuh uh" in rebuttal.

#Barry'ThisIsOneFineJobsReport'Ritholtz

Fri, 08/03/2012 - 10:16 | 2675633 LMAOLORI
LMAOLORI's picture

 

 

Barry's full of Bullshit both Barry's

 

'Real' Unemployment Rate Shows Far More Jobless

 

July jobs report: America’s labor market depression continues

http://www.aei-ideas.org/2012/08/july-jobs-report-americas-labor-market-depression-continues/

 

HERE COMES THE SPIN: JOBLESS RATE RISES, GOVERNMENT SAYS 'ESSENTIALLY UNCHANGED'

 

With a rising unemployment rate set to dent President Barack Obama's re-election efforts, the mainstream media is about to go into full-spin mode. They can take their cues from the Bureau of Labor Statistics itself, which announced that the jobless rate had risen from 8.2 to 8.3 percent in July but called the result "essentially unchanged." Look, also, for the media to emphasize that jobs grew by 163,000--without noting that the number is seasonally adjusted to account for one million holiday jobs lost each year at this time, and without noting that June's job numbers were revised downwards radically, from 80,000 to 64,000.

more

http://www.breitbart.com/Big-Journalism/2012/08/03/Here-Comes-the-Spin-Jobless-Rate-Rises-to-8-3-Percent-Government-Says-Essentially-Unchanged?utm_source=dlvr.it&utm_medium=twitter

 

Fri, 08/03/2012 - 10:25 | 2675700 IndicaTive
IndicaTive's picture

We haven't hired full-time production workers in two years. We replace the outgoing with part-time workers. The available production part-timers are unreliable at best (failing to show up after a couple of days). So, the production director has started hiring graphic designers. At $9 per hour. Part-time. To do production work. He calls them dandelions. They are always showing up for any kind of work. We hired 3 or so this month and they work 10-20 hours per week.

Fri, 08/03/2012 - 15:04 | 2676521 yearight
yearight's picture

What goes around.... You better be the owner or a sister-in-law. Cuz when the pencil keeps getting sharpened your ass won't fit on the erasure and it's bye-bye.

Fri, 08/03/2012 - 11:50 | 2675990 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

The BLS would have been more accurate by saying that job growth was "essentially unchanged".

Fri, 08/03/2012 - 11:42 | 2675969 Remington IV
Remington IV's picture

Barry is a hack

Fri, 08/03/2012 - 09:20 | 2675476 astoriajoe
astoriajoe's picture

To Serve Man...

Fri, 08/03/2012 - 09:38 | 2675544 AGuy
AGuy's picture

"If you lost your business, You didn't do that! Some else did that for you!"

 

 

Fri, 08/03/2012 - 10:01 | 2675607 Getting Old Sucks
Getting Old Sucks's picture

GOOD ONE!

Fri, 08/03/2012 - 10:13 | 2675650 LMAOLORI
LMAOLORI's picture

 

 

Nah everything's just fine 

Obama’s Golf Buddy: ‘Businesses Doing Extremely Well’

http://www.cnbc.com/id/48462776

 

I just don't know who to believe sarc

 

Global Manufacturers Feel Squeeze From China Slowdown

 

http://www.cnbc.com/id/48478108

Fri, 08/03/2012 - 10:10 | 2675634 vast-dom
vast-dom's picture

 Phony numbers phony rally PONZI PLANET. At this stage the only metric to use is FOODSTAMP USAGE and that is THROUGH THE ROOF.

Fri, 08/03/2012 - 10:19 | 2675679 HarryM
HarryM's picture

 d 13500  next week

Fri, 08/03/2012 - 11:11 | 2675880 AGuy
AGuy's picture

Its a growth Industry (Food stamps) Perhaps that's why JPM and other TBTF issue debt cards for Food Stamps!

Fri, 08/03/2012 - 09:14 | 2675443 Jlmadyson
Jlmadyson's picture

Ah the real job numbers. Doesn't look so hot.

Fri, 08/03/2012 - 09:21 | 2675483 LongSoupLine
LongSoupLine's picture

 

 

yeah sure, but that "1 hour a week" salary will get you a few lottery tickets at Wal-Mart.  In BLS thinkology, that's potential for millions of consumer dollars into retail.  Very bullish!

Fri, 08/03/2012 - 11:02 | 2675844 Temporalist
Temporalist's picture

That sounds like California's plan to reduce their budget deficit.

Fri, 08/03/2012 - 09:33 | 2675533 SheepRevolution
SheepRevolution's picture

There are three kind of lies in this world:

1. Small lies

2. Big lies

3. Statistics

Fri, 08/03/2012 - 09:59 | 2675601 Getting Old Sucks
Getting Old Sucks's picture

"3. Statistics"

LOL, that reminded me.  Once I had to take a statistics class in college.  Nobody in the class knew what the guy was talking about and nobody knew what the hell they were doing.  

Nobody failed the course!

Fri, 08/03/2012 - 10:18 | 2675673 Clever Name
Clever Name's picture

Funny!

In our 400 level Econometrics our final was take home! The professor worked for the F3D as his real job, and teaching undergrad statistics was intellectually beneath him.

Fri, 08/03/2012 - 10:13 | 2675649 MachoMan
MachoMan's picture

oh man...  quote fail...

Fri, 08/03/2012 - 12:58 | 2675768 Jay Gould Esq.
Jay Gould Esq.'s picture

.

Fri, 08/03/2012 - 11:43 | 2675974 Remington IV
Remington IV's picture

fake numbers are so much better

Fri, 08/03/2012 - 09:14 | 2675446 fonzannoon
fonzannoon's picture

Hey Zero hedge, please start a TV station. It's time. Between the humor on here and the information you would put everyone else to shame immediately.

Fri, 08/03/2012 - 09:20 | 2675481 scatterbrains
scatterbrains's picture

I agree!!  and forget a scrolling ticker at the bottom. Who needs that shit in a completely staged market. Instead scroll the comment section.. now that would be awesome!.

 

Fri, 08/03/2012 - 09:25 | 2675500 LawsofPhysics
LawsofPhysics's picture

Interesting, seems to me the world could use another "monty python" or "kids in the hall" commentary to help put things in perspective.  Yes, yes, I think so. +1 for you sir.  Now back to stacking things on top of other things, want to impress the boss, don't cha know.

Fri, 08/03/2012 - 09:29 | 2675511 fonzannoon
fonzannoon's picture

I say we all chip in twenty bucks and get that RT chick to move over and the ratings will.....shit my stack just fell over...

Fri, 08/03/2012 - 09:43 | 2675559 TruthInSunshine
TruthInSunshine's picture

So, instead of having money (i.e. fiat) honeys, Zero Hedge TV would have stacked stacker babes?

Fri, 08/03/2012 - 11:21 | 2675909 fuu
fuu's picture

I might buy a TV at that point.

Fri, 08/03/2012 - 09:32 | 2675522 bdc63
bdc63's picture

agreeed.  you need to join forces with a half dozen or so of the 'alternative media' guys and start your own network. Maybe Doug Casey can bankroll it. Of course, NONE of the cables companies would carry it ... and, there's the rub ...

Fri, 08/03/2012 - 12:10 | 2676061 BeetleBailey
BeetleBailey's picture

FUCK cable....ditto Dish and Direct Pee Pee.

Have a subscriber internet site....by pass all the bullshit.

Fri, 08/03/2012 - 09:34 | 2675527 John Law Lives
John Law Lives's picture

That is a nice thought.  A dedicated radio program could also be very popular if starting a TV station is difficult.  Hard to imagine ZH would get an overly warm reception from the TV media magnates...

Fri, 08/03/2012 - 09:39 | 2675548 fonzannoon
fonzannoon's picture

The south park guys should bank roll it. Truth plus funny.

Fri, 08/03/2012 - 09:41 | 2675556 John Law Lives
John Law Lives's picture

That is a very interesting idea.  Those guys, Trey Parker and Matt Stone, don't seem to have reservations about shaking things up.

Fri, 08/03/2012 - 10:57 | 2675833 emersonreturn
emersonreturn's picture

instead of a TV station, why not an online live visual, leave the MSM do the camera and sets, ZH doesn't need an array of production costs, simply what it already has visualized, graphics, and for some a few pretty heads, smarter than anywhere else online.

Fri, 08/03/2012 - 09:15 | 2675449 HelluvaEngineer
HelluvaEngineer's picture

Honey Badger Market doesn't give a shit!

Fri, 08/03/2012 - 09:15 | 2675451 CClarity
CClarity's picture

Knight K not going to help.

OT - What is with zipcar?  Down nearly 50% today after more than 10% yesterday?

Fri, 08/03/2012 - 09:19 | 2675475 HelluvaEngineer
HelluvaEngineer's picture

You mean besides the fact that it's a stupid idea?

Fri, 08/03/2012 - 09:26 | 2675506 CClarity
CClarity's picture

Suddenly?

Fri, 08/03/2012 - 09:16 | 2675454 Jason T
Jason T's picture

average wages should continue to decline in year over year change.. at only 1.5% for non supervisor production workers and in a downtrend.

Fri, 08/03/2012 - 09:16 | 2675455 MsCreant
MsCreant's picture

The hits keep coming!

Fri, 08/03/2012 - 09:16 | 2675456 Debtless
Debtless's picture

Just figuring out the spin from the reality of the BLS is a part time job. Does that count too? Probably.

Fri, 08/03/2012 - 09:16 | 2675458 Boilermaker
Boilermaker's picture

All I know is that I was told that this was positive.

I don't know nuthin about no details.

Fri, 08/03/2012 - 09:17 | 2675460 homer8043
homer8043's picture

What? No five 1% swings today? So sad.

Seriously, this will reverse as heroin addicts see less heroin coming.

Fri, 08/03/2012 - 09:17 | 2675464 Wreckless
Wreckless's picture

Smoke and Mirrors Baby!

Fri, 08/03/2012 - 09:17 | 2675465 slewie the pi-rat
slewie the pi-rat's picture

risk0n anyone?

no surprises

this info came out yesterday:

Challenger Job Cuts

July

-44.5%

Fri, 08/03/2012 - 09:18 | 2675466 tuttisaluti
tuttisaluti's picture

Bye bye dollar

Fri, 08/03/2012 - 09:21 | 2675484 Jlmadyson
Jlmadyson's picture

Yea, lasting a whole one day at which point another large size Euro country needs a bailout.

Fri, 08/03/2012 - 09:18 | 2675467 trillion_dollar...
trillion_dollar_deficit's picture

The local Nissan plant is now only hiring employees (line, logistics, finance ... whatever) on a contract basis.

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