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Gallup Finds Recent Job Boost Due To "Temp And Part-Time" Hiring; Underemployment Greater Than Prior Year

Tyler Durden's picture




 

While the BLS unemployment number, fudged strategically to lower the denominator, or the total labor force, may have come well better than expected (as somehow miraculously ever more people find the shadow economy a more hospitable place where to make their money and drop off the BLS roll forever) we once again go to that trusty fallback, the monthly Gallup poll of underemployment. What we find here is rather different from what the BLS, and the administration would like us to believe, namely that "underemployment, a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full-time work, is 18.1% in November, as measured by Gallup without seasonal adjustment. That is up from 17.8% a month ago and 17.2% a year ago." Said simply, "many employers appear to have chosen to hire part-time rather than full-time employees for this holiday season." Naturally, this should come as no surprise: it was first discussed here in May, when we said: "As the attached chart shows, since the start of the depression, America has lost 9.1 million full time jobs, offsetting this by a gain of 2.3 million part time jobs. No need to outsource to Asia any more: America now outsources jobs to temp agencies. And so the transition of America into a part-time worker society, first discussed in December of 2010 continues." (the attached chart can be seen here). As for the Gallup chart which comes from the real economy, not from some seasonally fudged, birth/death adjusted grotesque model deep in the bowels of 2 Massachusetts Ave NE Washington, here it is.

So why is this rise in underemployment a bad thing? For all the wrong reasons:

Increasing Underemployment May Imply Future Layoffs

 

Gallup's underemployment data suggest that today's employers are increasingly relying on part-time employees who would prefer to work full time. A year-over-year comparison shows that the 0.3-percentage-point drop in the unemployment rate is more than offset by the increase of 1.2 points in the percentage of those who work part time but want full-time work. The unemployment rate appears to have improved over the past year largely because Americans are taking part-time work when they can't get full-time jobs.

 

This worsening of the underemployment situation is worrisome not just because more Americans are not able to get the full-time jobs they want, but because of what it may imply about employer attitudes. Economic uncertainty may have many employers hiring part-time instead of full-time workers, and/or temporary workers instead of permanent ones. In turn, this could mean that many of those who had part-time or temporary work in November could see those jobs disappear early next year.

In other words, contrary to simplistic headline charts, the number one data series that pundits should be focusing on, is the subset of persons "who currently want a job." Indicatively, as we showed on Friday, this just hit an all time high... even according to the BLS:

 

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Mon, 12/05/2011 - 20:13 | 1948907 lotsoffun
lotsoffun's picture

nice job, bennie, timmie and bammie.  like anybody here didn't already know that.  months ago.  just need confirmation.

the new, new ecb plan - and rate cuts - they still have a bunch left to go.  stocks to the moon until next spring at earliest.

Mon, 12/05/2011 - 20:52 | 1949032 trav7777
trav7777's picture

lower rates will create new jobs.  But jobs are pointless unless they have maximum diversity...that is our greatest strength and it enabled us to become a world power.

Mon, 12/05/2011 - 20:58 | 1949054 Cheesy Bastard
Cheesy Bastard's picture

+1.  Funny.

Tue, 12/06/2011 - 00:24 | 1949745 AldousHuxley
AldousHuxley's picture

that's what war is for. to enroll the unemployeed to kill some folks before getting killed themselves. population control coming to neighborhood near you.

 

Why don't government create Bureau of Bankster Investigations and hire college educated kids to investigate and find proof of wrongdoing of banksters and other elites to rid of corruption in the system.

Tue, 12/06/2011 - 02:20 | 1949985 VyseLegendaire
VyseLegendaire's picture

"Why don't government create Bureau of Bankster Investigations and hire college educated kids to investigate and find proof of wrongdoing of banksters and other elites to rid of corruption in the system."

 

Oh you

Mon, 12/05/2011 - 20:15 | 1948914 Rainman
Rainman's picture

Well, Japan's underemployment is 33%, so we have upside potential galore

Mon, 12/05/2011 - 20:35 | 1948988 Carlyle Groupie
Carlyle Groupie's picture

Even thought Japan has become irrelevant in the face of China. One must respect the shear volume of US Patents that they own.

If I were the top muckity muck in Japan I'd turn that fucker into a huge think tank.

I've worked on a few uC firmware projects with Japanese engineers and I can say without exaggeration that they were very knowledgeable. Very much so!

Specialize bitchez!

Mon, 12/05/2011 - 20:18 | 1948926 Corn1945
Corn1945's picture

There is an explosion of temp agencies. These things are everywhere now. 

Mon, 12/05/2011 - 20:24 | 1948950 blu
blu's picture

You'll know we're way down the rabbit hole when ZH replaces RanSquawk in the sidebar with a LinkedIn feed.

Mon, 12/05/2011 - 20:57 | 1949045 Nobody special
Nobody special's picture

Dude, that's not a bad idea.  How 'bout a Tweet This function to match?  Digg it, Reddit, StumbleUpon... my how the possibilities shine.

Unfortunately, I doubt even the powerful ZeroHedge could get away with such networking tools for long.  The traffic and attention drawn to this site would be astounding.  TPTB would not sit idle while the world was educated in such a rapid fashion.

Mon, 12/05/2011 - 20:26 | 1948962 johnu78
johnu78's picture

They're poisonous mushrooms!

 

-John
http://johnu78.blogspot.com/p/items-for-sale.html

Mon, 12/05/2011 - 21:30 | 1949195 sgt_doom
sgt_doom's picture

Corn1945, your comments should be taken as relative to the context:  back in 2003, the largest temp agency in America, Manpower, closed 1,000 offices throughout the country, and opened up 1,000 offices in China.

Everything is relative, my dear chum.....

Tue, 12/06/2011 - 00:26 | 1949751 AldousHuxley
AldousHuxley's picture

kids these days need 5 yrs of experience + MBA to get hired by temp agencies...namely, McKinsey, Bain, Boston Consulting Group.

 

becuase profitability is greatest when labor is disposable.

Mon, 12/05/2011 - 20:19 | 1948934 Iliketurtles
Iliketurtles's picture

I have full confidence in Obama, I just increased my long positions on groupon and blackberry. Unemployment went down that is all I need to know.

Mon, 12/05/2011 - 20:28 | 1948965 Everybodys All ...
Everybodys All American's picture

Blackberry? Huh.  Long Blackberry are ya? Got a symbol on that one my little shady trade. Under employment went up another one.

Tue, 12/06/2011 - 00:44 | 1949790 A Nanny Moose
A Nanny Moose's picture

I think it is a reference to The O'Bamabot's much ballyhooed use of the latter.

Mon, 12/05/2011 - 20:22 | 1948944 blu
blu's picture

Shocking.

Why, it's almost as if someone deliberately lied to us.

Mon, 12/05/2011 - 20:25 | 1948951 Soda Popinski
Soda Popinski's picture

President Barry S. will encourage the BLS to have numbers that show 6% unemployment by next fall.

Mon, 12/05/2011 - 20:26 | 1948961 lizzy36
lizzy36's picture

Outsourcing is everywhere.

Learn the word "teleradiology". Whereby some for profit hospitals in the US are sending your x-rays via the internet to a radiologist in India (average salary $35k a year) to be read. 

Mind you the only way Yanks will finally wake up to the plague of "corporatism" is when eating is finally outsourced to India or China.

Mon, 12/05/2011 - 20:29 | 1948973 Rainman
Rainman's picture

outstanding

Mon, 12/05/2011 - 20:47 | 1949015 JustObserving
JustObserving's picture

Already happened - in case you missed it, here it is again:

 

US hunger rate triple that in China By Patrick Martin
17 October 2011

American workers are now three times more likely than Chinese workers to lack the means of feeding their families, according to a startling new report from the Gallup organization. The polling group found that 19 percent of Americans worried about being able to feed themselves or their families, compared to only 6 percent of Chinese.

The Gallup finding showed a near reversal in the proportions of American and Chinese workers at risk of hunger over the past three years, an indication of the shattering impact of the economic slump brought on by the 2008 Wall Street financial crash. In 2008, 16 percent of Chinese said they at times lacked the money to put food on the table, compared to 9 percent of Americans.

http://www.wsws.org/articles/2011/oct2011/hung-o17.shtml

 

Mon, 12/05/2011 - 20:54 | 1949041 trav7777
trav7777's picture

total fuckin nonsense

Mon, 12/05/2011 - 23:42 | 1949638 lawton2
lawton2's picture

Total BS the poor in the US goes to food banks mostly for free food and trades food stamps for cash/drugs etc...

Tue, 12/06/2011 - 00:31 | 1949763 AldousHuxley
AldousHuxley's picture

why do you need a human to do a machine's job?

 

AI security software can replace most of the radiologists in the world.

 

In fact, if you ever go get your eyes checked, the doctor will manually test your vision, but there already is a machine that can determine your vision Rx.

 

Medicine is one of world's oldest cartels. They are experts in lobbying.

 

More money should go into medical research not human mechanics.

Mon, 12/05/2011 - 20:27 | 1948963 nmewn
nmewn's picture

Greenshits!!!

Mon, 12/05/2011 - 20:54 | 1949040 Cheesy Bastard
Cheesy Bastard's picture

Soylent Greenshits?

Mon, 12/05/2011 - 20:27 | 1948964 Caviar Emptor
Caviar Emptor's picture

Sen. Jon Kyl announced Monday what it will really take to extend a payroll tax holiday for the middle class: an extension of tax breaks for the wealthy.

The Arizona Republican, taking to the Senate floor after Democrats proposed a 1.9 percent surtax on income above $1 million to pay for the payroll tax break, argued that the tax cut didn't work. But, he said, he'd still support its extension if the wealthy keep their breaks, too.

http://www.huffingtonpost.com/2011/12/05/payroll-tax-cut-jon-kyl-tax-hos...

Mon, 12/05/2011 - 20:45 | 1949011 blu
blu's picture

Well at least the guy had guts, coming out like that.

And we'll be seeing a lot more of his guts after the rioting mob is finished with him.

Mon, 12/05/2011 - 20:50 | 1949024 nmewn
nmewn's picture

FICA tax holiday I assume.

Can someone tell me exactly why they can't find any spending to cut in order to make the FICA tax cut permanent seeing as how twenty year olds paying in today will never see a dime of it back?

Current government spending levels are the only sacred cow in DC? I have not forgot the fucking pork barrel bullshit from just two-three years ago.

400 billion in debt in one whack...poof! 

Mon, 12/05/2011 - 20:56 | 1949047 trav7777
trav7777's picture

EXACTLY...why the fuck is their answer ALWAYS MORE FUCKING TAXES?

What, we can't LIVE anymore on a fucking $2T budget?  END THE FUCKING WARS

Mon, 12/05/2011 - 22:24 | 1949366 nmewn
nmewn's picture

It never ceases to amaze me trav.

There is shit to cut everywhere...but they want the size of the government pie to remain the same. Thats extracted from the economy...from earnings...wages.

There was actually some boneheaded ass wipe congressman (you know which flavor) on the other day saying government spending can't be cut at this "critical time" because it will decrease employment even further.

I could just fucking scream.

Mon, 12/05/2011 - 20:28 | 1948966 Shizzmoney
Shizzmoney's picture

The temp agencies who are doing well are the chop shops, too.  The ones who nit on benefits and pay as the monetary belt gets tighter..

Mon, 12/05/2011 - 20:28 | 1948967 Troll Magnet
Troll Magnet's picture

seasonal numbers.  retailers staffed up to dump their shit just in time for christmas.  anyone surprised?

Mon, 12/05/2011 - 20:29 | 1948972 lotsoffun
lotsoffun's picture

i was looking at one of the online dutch newspapers late last week.  i guess the translation was - 'obviously no more need for hope, that's taken care of.  if you want to know what changed - just fill in - 'change is ...'.  and for this years' campaign, they expect bammie will be campaigning on  'love is ...'.  starting to look a little orwellian.  i think they were being sarcastic.

 

 

 

Mon, 12/05/2011 - 20:41 | 1948976 Whoa Dammit
Whoa Dammit's picture

"Get a job", as spouted by the MSM, when there are no jobs is the modern day version of what "Let them eat cake" was when there was no food.

Tue, 12/06/2011 - 03:13 | 1950071 batterycharged
batterycharged's picture

The beauty to the economy pumpers of 120,000 part-time, temp jobs is that in 1 month they won't appear on the weekly unemployment claims number....because they won't qualify for unemployment.

So 120,000 jobs in the MSM, here today....quietly gone tomorrow.

Mon, 12/05/2011 - 20:32 | 1948979 yogibear
yogibear's picture

Who cares? The lies and mis-information helped to juice the markets. Isn't that what it's all about? Traders have a hard time if there aren't big swings in the market.  How about much more ranges? Up 1,000 points, down 1,000?  It's a beautiful thing for traders and the bots (HFTs). More massive swings please.

Mon, 12/05/2011 - 20:33 | 1948981 Forgiven
Forgiven's picture

I just think they like to see their names in lights.

Mon, 12/05/2011 - 20:40 | 1949001 yogibear
yogibear's picture

Greenspan said overseas outsourcing of jobs was good. The Federal Reserve's idea is to financialize everything. Don't do any actual work. Just pay someone $10/day in China and collect the profits from the huge margin of profit in the cost of manufacturing vs the sale price.

Mon, 12/05/2011 - 20:47 | 1949019 Whoa Dammit
Whoa Dammit's picture

Outsource the Fed.

Mon, 12/05/2011 - 20:57 | 1949051 blu
blu's picture

Even simpler, leave monetary policy decisions to a bunch of chimps. Their track record throwing random shit at a target will be every bit as good as what is issuing from the halls of elite genius now working on the problem.

And our expectations will be suitably adjusted as a result.

Tue, 12/06/2011 - 00:52 | 1949807 AldousHuxley
AldousHuxley's picture

doesn't that tell you something about da FED?

 

PhD perfect SAT brains are not idiots to get worse results than chimps....so what gives?

 

It is intentional ....by design....controlled

Mon, 12/05/2011 - 21:10 | 1949104 Caviar Emptor
Caviar Emptor's picture

In the future, you'll be hired for 15 minutes - Andy Warhol

Mon, 12/05/2011 - 21:10 | 1949106 Kaiser Sousa
Kaiser Sousa's picture

this is bullish right??

Dow 36,000...

ritchez bitchez!!!

christ almighty....pass me my Silver....

Mon, 12/05/2011 - 21:19 | 1949147 youngman
youngman's picture

and CNBC had an Economists on that said we should raise the minimum wage.......lol.....

And Cramer was spewing about the cash under the table market as the big growth industry...

When I was a kid they were called Hobo´s..they would travel the rails...from town to town..and try to find day jobs...

Mon, 12/05/2011 - 21:30 | 1949192 Stevious
Stevious's picture

I'm an unemployed RN, an Occupational Nursing Specialist.  I lost my job when my company closed. 

Since then I've found three ideal jobs--my qualifications and certifications match exactly.

But there's one problem.

Each job in 2007 was a full-time benefited position.

Today each of these jobs are part-time, and too far to commute.

Since I can't sell my house (nobody to sell to) I could afford to take one of these distant jobs by renting an apartment--but not if it's only part-time.

And so I stay unemployed.

In five years a full-time job with decent benefits will become a "wives tale".

Tue, 12/06/2011 - 03:21 | 1950079 batterycharged
batterycharged's picture

There was an employer railing on the unemployed in a local paper because he said no one qualified was applying to his $8/hr job.

He said it was a very easy job and wondered "where were all the desperate unemployed people?".

Problem was, his location was 80 miles outside of most populated areas in the city. At $8/hr, after tax, you're working your first 2 hours for gas, not to mention the miles put on your car.

Mon, 12/05/2011 - 21:33 | 1949203 non_anon
non_anon's picture

I'm still looking for those greenshoots joey was bragging about a few years back

Mon, 12/05/2011 - 21:59 | 1949296 bnbdnb
bnbdnb's picture

Structural. Move along.

Mon, 12/05/2011 - 22:02 | 1949307 UGrev
UGrev's picture

This article could be started with the current title, supported by the chart only, and ended with the following phrase: "NO FUCKING SHIT!!!..REALLY?"

Mon, 12/05/2011 - 22:07 | 1949320 earleflorida
earleflorida's picture

~75% of the united states working population find their employment [jobs] in 'small & medium size co."

as of mid 2000, the "tbtf's" refuse[d] to help [lend] small and mid-size companies with affordable financing if any at all!

jmo

Mon, 12/05/2011 - 22:21 | 1949359 Psquared
Psquared's picture

While I can only speak to this anecdotally I am certain this is true. I work as a contract lawyer for about half of what I made 4 years ago. I work with anywhere from 20-80 (depending on the project) other attorneys in the same boat. Many of them work 80 hours a week to make ends meet. I am fortunate because I planned for this and have virtually NO debt except child support. Today, one of the lawyers that sits beside me told me about a conversation he had with a friend who is an accountant. The friend was telling him that 4 people have recently quit the firm because they refuse to hire new workers and instead insist that existing employees work longer and longer hours. Now that they have lost 4 more employees the firm announced that they will not hire anyone else, but instead will spread the 240 hours per week of the departing 4 employees (4 x 60) between the remaining 20 employees. That means those remaining employees are required to work 72 hours per week for the same wage.

Mon, 12/05/2011 - 23:12 | 1949547 Bobbyrib
Bobbyrib's picture

Obviously the one percent don't have enough. /sarcasm.

Tue, 12/06/2011 - 03:30 | 1950096 Belarusian Bull
Belarusian Bull's picture

I can already hear Marx screaming from the grave : I TOLD YA SO!!!

No wonder so many socialists starting to spawn in western world.

People are just too stupid and ignorant to educate themselves to see the real problem(s).

Mon, 12/05/2011 - 23:02 | 1949505 Tom Green Swedish
Tom Green Swedish's picture

There will be no more new jobs until the financial and oil sectors are destroyed market cap speaking.  We simply cannot afford to pay half our salaries in interest and gasoline and expect to have anything more than our economy being an interest payment and a fill up of the gas tank.

 

Yes you heard it here first Financials / Oil combined is in a bubble status.

Mon, 12/05/2011 - 23:08 | 1949536 williambanzai7
williambanzai7's picture

Someone has to pepper spray those Walmart shoppers.

Mon, 12/05/2011 - 23:37 | 1949616 joshua10
joshua10's picture

I'm reminded of the shenanigans that went on during the 2010 census where the Census Bureau hired a pool of temporary workers for a few weeks, furloughed them, hired the same people back, sometimes rehiring the same people 6 times. Each time the same person was re-hired it counted as one person being employed for government statistics. So you cannot determine how many separate individuals are being hired from the governments deliberately misleading data.

Tue, 12/06/2011 - 01:25 | 1949901 msjimmied
msjimmied's picture

Interesting story in India where the government has halted the advance of international supermarket chains like Walmart, Tesco and Carrefour. They can wholesale, but not retail. India has a chaotic, bustling class of small traders who would be wiped out by large supermarket chains. There are millions of people who will lose their livelihoods, way worse than what Walmart did to mom and pops all over this country. Kudos to them, aping the west may not be the way to go...or do you think they will sell out the people after holding out for a little more baksheesh? 

 

http://www.guardian.co.uk/world/2011/dec/05/india-postpones-walmart-tesc...

Tue, 12/06/2011 - 03:30 | 1950097 batterycharged
batterycharged's picture

LMAO. Ironic huh?

So does this mean they will be sympathic when we ban INFOSYS?

The problem is that the world economy is too connected. Localities cannot solve their problems because they are controlled by the big powers that be.

The poor countries in Europe are stuck with a strong currency. The states in America are stuck with NAFTA and CHina, and all the fucked up trade policies of the Federal Gov't.

Lack of sovereignty on a small scale is hosing everyone.

It's the fucking 1% /nosarcasm

Tue, 12/06/2011 - 10:21 | 1950642 rwe2late
rwe2late's picture

 

After selling out to Monsanto and global agribusiness, selling out to Walmart et al should be a “piece of cake“. What’s a few hundred thousand suicides of farmers and traders to the elite Indian oligarchy? Those kickbacks will just keep rolling in.

And who cares about poverty when some more graft can be collected by India supporting what’s behind the US so-called “war on terror” and wasting more billion$ on the purchase of submarines and advanced jet fighters? "India" can afford it.

 

 

http://www.globalresearch.ca/index.php?context=va&aid=9562 

http://www.globalresearch.ca/index.php?context=va&aid=6522 

Tue, 12/06/2011 - 02:38 | 1950015 merchantratereview
merchantratereview's picture

Yeah, and chocolate rations are up and we is winning the war. Yay comrades, life is double PLUS good!

Tue, 12/06/2011 - 03:53 | 1950123 Grand Supercycle
Grand Supercycle's picture

SP500 monthly chart remains bearish and USDX weekly remains bullish so it’s only a matter of time until the market makes its move.

http://stockmarket618.wordpress.com

Do NOT follow this link or you will be banned from the site!