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The Part-Time Economy (Redux)

Tyler Durden's picture


While not shocking to most, the jump in temporary workers that we cited earlier is perhaps the biggest indicator of job 'quality' gains. As we discussed here last month, the US market economy remains mired in a low quality (“first-fired, first-hired categories rather than the type of core hiring that would build a stronger foundation for income growth,”  as FTN's Jim Vogel describes it) recovery. About 160k of private jobs added in Feb are 'low-paying work' which left average hourly earnings up only 0.1% (notes David Ader at CRT) - hardly the recipe for a sustainable recovery and perhaps the slow leak in stocks post the number is the rude awakening to that reality.



As we pointed out before:

Finally, and most, importantly, we hope that this analysis has proven that while the BLS may play around with various numerators, denominators, seasonal adjustments, and other irrelevant gimmicks which are only fit for popular consumption particularly by those who have never used excel in their lives, a deeper analysis confirms our concerns, that not only is America slipping ever further into a state of permanent "temp job" status, but that a "quality analysis" of the jobs created shows that the US job formation machinery is badly hurt, and just like the marginal utility of debt now hitting a critical inflection point, so the "marginal utility" of incremental jobs is now negative, which means that Obama, or whichever administration, can easily represent to be growing jobs, and declining the unemployment rate by whatever gimmick necessary. Yet these very jobs are now generating far less in so very critical tax revenue for the US treasury, and continue to declining steadily in quality.

Finally, two more charts, the first showing the NSA number of Part-Time jobs from the Household Survey. At 28,096,000 this number is just shy of the all time high of 28,106,000, and represents 19.4% of total employment. Second, as JT Smith reminds us, the number of people holding Multiple Jobs rose by 286K in February, more than the entire employed increase announced in the Establishment survey, and at 7,116,000 is now back to the highest since May 2010.

NSA Part Time:

And Multiple Job Holders:


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Fri, 03/09/2012 - 10:21 | 2239378 Global Hunter
Global Hunter's picture

I am headed out to an interview for a part time job in half an hour!!!  A few years ago this would have destroyed my self esteem and self worth however today I feel free and fortunate to be have choices outside of the "system".

Fri, 03/09/2012 - 10:23 | 2239385 LongSoupLine
LongSoupLine's picture

It's called "shifting baselines".  good luck with your interview, as I imagine you need the income.

Fri, 03/09/2012 - 10:31 | 2239413 JPM Hater001
JPM Hater001's picture

We're all pulling for ya.

Fri, 03/09/2012 - 10:54 | 2239467 ratso
ratso's picture

The news on the US emplyment front is much better then the gloom and doomers and Obama haters would like to see.. 

Turns out the Obama and Bernanke might really be turning the economy around.

How do you guys like them apples?

Fri, 03/09/2012 - 11:12 | 2239516 PeterLemonJello
PeterLemonJello's picture

You're a moron

Fri, 03/09/2012 - 12:41 | 2239887 Shocker
Shocker's picture

The current Job Situation is sad to say the least. You can't just say recovery / that jobs coming back.... without any real jobs.

Take a sec, and get informed



Fri, 03/09/2012 - 11:14 | 2239524 battle axe
battle axe's picture

Sure, and inflation is not really going thru the roof, and we will not be going to war with Iran and the deficit is not out of control. ratso the drugs you are on are way to powerful, you should kick the habit because you are delusional. Also here is a hint, THE EMPLOYMENT NUMBERS ARE BULLSHIT BECAUSE THE BOOKS HAVE BEEN COOKED.

Fri, 03/09/2012 - 11:36 | 2239613 victor82
victor82's picture

I will assume that the Obama Campaign pays you to write bullshit like this on websites so you can "influence" people to vote for Chicago Jesus in the fall.

Christ Almighty. Now I understand what was happening in Rome when the Visigoths were at the Gates. People like YOU were debating which of the Emperor's daughters was dowried enough to hand over to the Visigoth King for a sound rogering.

Fri, 03/09/2012 - 11:48 | 2239659 Oquities
Oquities's picture

based on his stiff rehearsed post, senseless politicizing, inane adage, and the fact that nobody could be stupid enough to miss government obfuscation in employment statistics, i think you are exactly right.

Fri, 03/09/2012 - 12:44 | 2239904 midtowng
midtowng's picture

Don't feed the trolls.

He came her to start an argument. It happens on almost every web site, left or right.

Fri, 03/09/2012 - 13:21 | 2240070 LowProfile
LowProfile's picture


Don't feed the trolls.

He came her to start an argument. It happens on almost every web site, left or right.


Maybe.  Maybe it's more.


Added to the list







JR in FL






Think I'm paranoid that there's agents here in the comments?

Check it out.  This guy

Then turns into this guy



Fri, 03/09/2012 - 15:02 | 2240536 Cathartes Aura
Cathartes Aura's picture

so tell me, what qualifies a "troll" in your eyes?  anyone who doesn't post from a stance you agree with? 

your list is eccentric, so it's hard to qualify - but most are long time commenters with their own "voice" - ie OPINION, and while I don't agree with some, no way would I call them "trolls" because of that.

Pods? consistently good posts.  JW is the definition of eccentric - he is who he is, and again, he's consistent - you can also engage him should you care to.

just because some here don't follow the majority party line, chiming in with non-sense one-liners every thread, doesn't make them a troll, and the obvious trolls are obvious - this used to be "fight club" not "echo chamber hang with the bros club" - who knows any more though. . .

Fri, 03/09/2012 - 15:56 | 2240825 Jena
Jena's picture

Bleah.  Tried to write an something in agreement but it wasn't particularly worthwhile, but yeah.  (We've just moved and I'm taking a break from unpacking so I'm mentally fried.)

Fri, 03/09/2012 - 21:23 | 2242056 Cathartes Aura
Cathartes Aura's picture

full moon solar flare post move fall out - you have my full sympathy!

feet up, glass of wine (insert bevvie of choice) evening. . . best wishes on the move!

Fri, 03/09/2012 - 15:15 | 2240604 ElvisDog
ElvisDog's picture

Now I understand what was happening in Rome when the Visigoths were at the Gates

Interesting comment because right up until the end of the Western Roman Empire, there was a large segment of the Roman people who thought that Rome had an inherent greatness, that they would always be great, and that a return to greatness was inevitable. Think of the parallels with the constant "America is the greatest country on Earth" propaganca from our leaders.

Fri, 03/09/2012 - 11:09 | 2239506 disabledvet
disabledvet's picture

What's an income? I feel "solved" on that one as well.

Fri, 03/09/2012 - 11:37 | 2239617 victor82
victor82's picture

Excuse me? Let me introduce you to your friends from the Internal Revenue Service.

Know Poverty! Know Despair!

Fri, 03/09/2012 - 12:12 | 2239667 AndTheRest
AndTheRest's picture

You still get your monthly welfare checks from the VA office though don't you?  Welfare + bribe to not kill yourself/others, and to keep you off the streets.  Homeless veterans are bad public relations for America's volunteer army.  Gotta keep the propaganda rolling.  Support our troops!  Hire vets!  Etc.  How else are we going to get kids to sign up to be sent some place on the other side of the world that is 0 threat to them and their family?  To be sent back in body bags or missing body parts?



Fri, 03/09/2012 - 10:41 | 2239443 Dr. Engali
Dr. Engali's picture

Sometimes you have to do whatever it takes. Eventually it gets better. Good luck.

Fri, 03/09/2012 - 11:55 | 2239676 tempo
tempo's picture

With the worldwide labor glut forcing competitive wages down to $25/day for a good job at Foxconn, of course there are only minimum wage jobs are being created in the US/EU.  For the vast majority, these jobs will be temporary and will  outsourced to the lowest cost, least regulated countries.   The monthly record budget USA deficit in FEB does not lie..This is a jobless recovery.  US now must borrow 54% of all its spending just to buy domestic peace.  Party on and stay in school building up max student loans, hopefully having parents and granparents cosigning for that 3 year worthless Masters degree (You might as well ruin any hope of their retirement since you are screwed anyway).   The country will come apart with those older whites with some retirement saving and the angry young and entitlement slaves.   A friend of mine recently attended a college orientation course at a major university and the 1 hour lecture was on how to "milk the system" in other words get entitlements and student aid for your dream college experience.  You deserve it. 

Fri, 03/09/2012 - 12:42 | 2239895 midtowng
midtowng's picture

Well, President Bush said that having multiple jobs was a good thing.

So I guess if we all had four jobs without benefits, instead of one job with benefits, that would be a great thing.

Fri, 03/09/2012 - 10:21 | 2239380 LongSoupLine
LongSoupLine's picture

Yeah sure...but they're jobs, and income.  Heck, it must be bullish 'cause they're buying Coach bags (new all time high yesterday) to hold all that income.

(yes, it's sarc for all with challenged perception)

Fri, 03/09/2012 - 10:38 | 2239435 battle axe
battle axe's picture

ahh Temp jobs, the new  career, you get paid nothing and you do not get health coverage. 

Fri, 03/09/2012 - 10:53 | 2239477 adr
adr's picture

My favorite part about Coach is that they somehow convinced idiot women that they are buying a quality designer handbag, when they are really buying a Chinese made piece of crap the company paid less that $10 for.

In fact most of the knockoff Coach bags in NYC alleys are better quality now because they are knocking of the real European bags, not the US mall garbage.

But hey $350 retail for $10 cost is great for earnings. Too bad the women who buy them are so dumb. I went in with my wife one time because she wanted to look. I told her, honey what don't you smell in here. She said, I don't know and I replied, leather honey you don't smell any leather. All bags in here are vinyl and plastic. They're all made in China for less than $10 a bag.

The moron sales girl overheard me and said, "Sir, I can assure you our bags are made in Europe out of the finest materials."

I said, "Really, please show me. How about that $550 bag right there." She opens it and says, "This bag is handcrafted by skilled artisans from the PRC. Not China, PRC stands for a town in Italy most likely."

I wanted to say you're a fucking idiot. Instead I politely said, "PRC stands for People's Republic of China. You know what is also crafted by skilled artisans for around $10, your shoes. Also made in China, most likey by a ten year old because adult hands are too large."

The stock ponzi doesn't care as long as enough sheeple believe in the publicly traded marketing corporations that masquerade as "brands".

Fri, 03/09/2012 - 11:11 | 2239511 disabledvet
disabledvet's picture

Did she reply "big hands I know you're the one" though?

Fri, 03/09/2012 - 11:39 | 2239616 Shizzmoney
Shizzmoney's picture

Glad you challenged that Coach worker...although you have to give her some slack.  She IS being paid to say that, and even believe that.  I don't get mad at people who are misinformed because most don't have the problem solving capacity to realize they are getting intellectually rolled in the first place. 

I'm sure if many of the workers of corporations (including mine) actually saw, physically, the Chinese slave labor that is making these profits, especially women.....they'd most likely sing a different tune.  I mean, the fucked thing is that the American worker who does ahve a job ISN"T EVEN SEEING THE PROFIT.  It's all going to the shareholders and the higher boards. 

I mean, the CEOs basically are sitting on the backs of Chinese workers.

But most don't, because of the fact that thanks to our debtor society, so many people are balls deep in debt and really afraid of the prospect of going Galt on it.  And people want to fulfill their finanical committments, which banks take advantge of with higher interest rates and fees.  Plus, I truely believe that people have the capacity of good in the end.  At least the hard working person. 

That's why I think within 10 years, you'll start to see these practice happening....but it going to take a long time, and real defooing of people's need and want for "cool" shit.  I think it will most likely start with the end of the dollar, then China pulling a Japan in the 1700s and going back to isolationism. 

Then, people will say, "You know what, fuck Apple and fuck the iShit....I'm gonna take up coding/open source, and make my own."

People just passively accept it because "it is what it is".....that and things aren't SUPER bad (yet).  What these rent seeking, money changing assholes in banking and retail/goods corporations don't understand is if they keep going the path they are going, a) workers WILL go Galt and b) someone is going to get shot at.

Fri, 03/09/2012 - 15:27 | 2240658 ElvisDog
ElvisDog's picture

I have a similar story. I needed a new computer carrying case. I didn't want to buy anything made in China, because I wanted it to last more than a year or two. I eventually found an upscale travel store in Edmonds, WA that had a $200 bag made in Switzerland. But the point is, the bag is worth $200 because it's sturdy and well-made.

Fri, 03/09/2012 - 11:20 | 2239552 jplotinus
jplotinus's picture

"Yeah sure...but they're jobs, and income.  Heck, it must be bullish 'cause they're buying Coach bags (new all time high yesterday) to hold all that income.
(yes, it's sarc for all with challenged perception)"

Let's think about this for a moment. The US manufacturing base has already been irrevocably lost, hammered and otherwise destroyed. Do posters agree?

As such, there is no viable alternative but that of holding down 2 or more McJobs. Coach bags appear to be selling well enough because people cannot resist subliminal tv ads and subprime credit.

This results in an ongoing downward economic spiral, to be sure, but, unlike the Titanic, the ship won't sink in an hour.

Buying time is not a bad strategy. Keynesian economics may have more merit than it is given credit for around here.

Fri, 03/09/2012 - 12:46 | 2239923 chinaguy
chinaguy's picture

Let's think about this for a moment. The US manufacturing base has already been irrevocably lost, hammered and otherwise destroyed. Do posters agree?

Well, not destroyed. The US is still the 2nd largest manufacturing country in the world. We lost first place to China only last year.

Fri, 03/09/2012 - 21:02 | 2242015 SeattleBruce
SeattleBruce's picture

"Keynesian economics may have more merit than it is given credit for around here."

In that they're able to kick the heavy, heavy can down the road for another 12, 24 months?  Debt saturation has so overwhelmed the developed world that Keynesian concepts of government stimulus won't work any longer.  Soon there will be no way to move the can and the Keynesian dream, at least for this season, will be over.

Fri, 03/09/2012 - 10:22 | 2239382 The Axe
The Axe's picture

Must feed headline machine algo running bastards....wealth effect    fools.......God help me.

Fri, 03/09/2012 - 10:24 | 2239384 Caviar Emptor
Caviar Emptor's picture

Right on, Tyler. 

And the bigger picture to the "part-time economy" is diminishing economic and advancement opportunities and social mobility. The class structure in the US is reverting to a pyramid shape after decades post-ww2 where it was said to be diamond shaped with a bulging middle class. No more. Think banana as in republic! At least we'll be Top Banana

Fri, 03/09/2012 - 10:32 | 2239416 JPM Hater001
JPM Hater001's picture

Yep...This is all very predictable of what happens when a society stops wanting their children to do better than them and instead want them to have more stuff than they did.

Fri, 03/09/2012 - 10:53 | 2239421 Caviar Emptor
Caviar Emptor's picture

Totally tubular JPM. That is one of the tragedies 

Fri, 03/09/2012 - 11:04 | 2239496 Dnice0123
Dnice0123's picture

Sorry but thats ridiculous. The normal feeling is for a parent to want to provide a better life for their children. What is happening here is that the engine for growth has stalled and they are desperately hoping for something to take its place. In the meantime those in charge are scrambling to cover their arses.

Fri, 03/09/2012 - 11:30 | 2239596 JohnnyBriefcase
JohnnyBriefcase's picture

It's totally depressing when your children are better off than you are.

Fri, 03/09/2012 - 13:13 | 2240058 Totentänzerlied
Totentänzerlied's picture

More debt, more balance-carrying maxed-out credit cards, more service jobs, more bankruptcies, more unemployment, more welfare, more foodstamps, more health problems, more drug problems, more serfdom.

/S/A/R/C/ Nope, the last 3 generations had nothing to do with it! /S/A/R/C/

Fri, 03/09/2012 - 11:14 | 2239525 disabledvet
disabledvet's picture

Well with "border out of control" going on thirty years now I'd say "we've had a lock on that" for some. Now what was that about bananas again?

Fri, 03/09/2012 - 10:24 | 2239386 mrdenis
mrdenis's picture

What message were these protesters trying to send Obama .....

Fri, 03/09/2012 - 10:36 | 2239429 francis_sawyer
francis_sawyer's picture

Idiots ~ They should have just bought themselves a 5,000 sq. foot house in Fort Washington, Maryland & they'd have been livin' large...

Fri, 03/09/2012 - 10:24 | 2239388 Moneyswirth
Moneyswirth's picture


Fri, 03/09/2012 - 10:25 | 2239391 Shizzmoney
Shizzmoney's picture

This is the "New Normal" for most people.

It's not about "what" jobs are being created, its the quality of jobs: benefits, pay that keeps up with true inflation, that provide security.

I just got a raise at my job for the year of 2.5%, no bonus.  The amount added up to less of a biweekly paycheck.  A slap to my face, although I technically have to be "grateful" I got a raise. 

The thing is, I have no kid, no car, and no mortgage.  But I'm in the minority.

If *I* am struggling, what the fuck about families making less that 60K?  Even 80K?

It's basically two economies; and those in Washington only deal with the top 20%.  They don't *give* a shit about the rest of us.  Even in election years; its all a big economic circle jerk neo feudalism.

Fri, 03/09/2012 - 11:01 | 2239491 adr
adr's picture

I make $60k but I'm in Ohio where you can still live in a decent area and pay $140k for a house. I should be making at least $100k but in order to stay by my family I had to take less. A company in LA wanted to hire me for $80k but I turned them down because $80k in LA would get me less than what $30k would in Ohio. Still gas and food are eating up a large portion of what would be disposable income.

The problem really isn't overall pay. It is where the only high paying jobs are left. Unless you land $150k or more you can't even live comfortably let alone well.

Fri, 03/09/2012 - 11:27 | 2239581 Grey-Ghost
Grey-Ghost's picture

The problem really isn't overall pay. It is where the only high paying jobs are left. Unless you land $150k or more you can't even live comfortably let alone well.

This statement – in a world in which over 3 billion people live on $2.00 a day or less – illustrates the deep root of the problem.

Americans do not realize their economy is based on the Three Pillars of Pillage:

a) Financial fraud (40% of the GDP comes from the “financial industry” i.e. financial crime cartel and its funny money) and debt export based solely on the post World War II privilege America got; the dollar as the world’s reserve currency;

b) The Military Industrial Complex and its exports: destruction and death and more recently its branch,

c) The Police State structure with all those STASI-like TSA child molesters with some 2,000 ++  “agencies” dealing with the “security”.

The Federal, State and local governments are bloated leeches paying quite a buck to its numerous employees.

Strip the USA from all those “industries” and what’s left is a GDP of perhaps 30% - 40% from what is publicly acknowledged as such.

America cannot afford honesty anymore (granted it has never been too honest). America cannot afford peace anymore (granted, as a war-waging monster for centuries, America has been in a perpetual war for over 80% of its unfortunate for the world, time on this Earth). America cannot afford democracy anymore. (OK, it hadn’t had one for ages, since the both Repulsive and Despicable parties are sleazy and insane face of the same fascist oligarchy)

As such, America sinks into medieval madness as its white majority is going to lose, well, the majority (it has never been such a gigantic shift in demographic of a huge country throughout the history – never, ever), and the dystopian world of a two-tier society is a given.

Americans lived in an economy that paid them well above their abilities / intelligence / integrity / morality / for several decades. This is changing and the happy times for the global leeches that Americans (even unwittingly) had been for decades are never coming back.

Fri, 03/09/2012 - 15:23 | 2240638 Cathartes Aura
Cathartes Aura's picture

I'm honestly having a hard time understanding how a single person, no family to support, is struggling on wages of over $50k a year - unless one is paying a mortgage or rent, and subsequent utilities, maintenance,  on a dwelling that is unnecessarily large (for one person), or drving a trophy vehicle, or ?? what?? where's the money sinkhole?

most people making under $40k yearly pay about 30-50% of their wages for their dwelling space, unless they're savvy and creative - but that still leaves a lot of fiat to use as you like - again, if you're single, where are you using that fiat?

Americans lived in an economy that paid them well above their abilities / intelligence / integrity / morality / for several decades. This is changing and the happy times for the global leeches that Americans (even unwittingly) had been for decades are never coming back.

trim the sails folks.

Fri, 03/09/2012 - 11:46 | 2239640 Shizzmoney
Shizzmoney's picture

Right, and the jobs are mostly in high cost, low vacancy areas like SF/NYC/Boston. 

Dylan Ratigan talks about how social mobility is being stripped from our minds AND our wallets, and how this affects true entreprenuership.  But in an economy that protect monopolies, this is EXACTLY what TPTB want.

Instead of challenging Google with a new idea, people instead just come up with that idea, and sell it to Google (youtube).  NOT a good sign.

Also agree with the Pillage point, which goes back to all of this.  The rent seekers conquered the small fry aroudn the rest of the world; now they are going for the rest of us.

Fri, 03/09/2012 - 11:30 | 2239546 VelvetHog
VelvetHog's picture

Piss on it I'm going fishing.

Fri, 03/09/2012 - 11:53 | 2239680 Lil Ms.Homesteader
Lil Ms.Homesteader's picture

The New Normal can vary from day to day, and week to week-it's anything but Normal. It is an adjustment-a reassessment of what is important and what is not. I am one of the long-term unemployed, free from the corporate monstrosity I once called my employer. I was making 50,000/year with full benefits, and no life. I was relieved of my duties in November 2008, searched desperately for a new job, across the U.S. and Canada, but had little or no luck. Eventually, I had to put the resume down and decide for myself, exactly what the New Normal would be for me, and it didn't look familiar. Finding a quality job that provides security seems like a thing of the past, or maybe I'm just unwilling to play by someone else's rules, however, reassessing my lifestyle was necessary. I called WF and told them to come a get the SUV-they did. I shut off the cell phone. Got rid of cable. I quit buying Starbucks. I quit going out to eat. I started changing my life, and my life has changed. It hasn't been easy, but it has been necessary. This is my New Normal.


Fri, 03/09/2012 - 15:28 | 2240659 Cathartes Aura
Cathartes Aura's picture


bravo! - none of that stuff was necessary, and it just brands you as a consumer anyhow.

working to pay for stuff is what "they" have sold you is "life" - it's not, having your own time, the freedom to think and explore, this is life.

Fri, 03/09/2012 - 10:27 | 2239397 Caviar Emptor
Caviar Emptor's picture

In the coming economy, it will be more likely that Americans inherit wealth than aquire it themselves as the upper 01% get richer and gravity tugs at the lower 90%. 

Fri, 03/09/2012 - 10:30 | 2239409 Dr. Engali
Dr. Engali's picture

The beneficiaries of the people with moderate wealth have it spent before the bodies are cold.

Fri, 03/09/2012 - 10:32 | 2239418 Caviar Emptor
Caviar Emptor's picture

Xactly, Dr Engali. The .gov sees to that. And besides, if you're living next to trillionaires and quadrillionaires you find out that your own costs rise quick

Fri, 03/09/2012 - 10:34 | 2239422 Shizzmoney
Shizzmoney's picture

On top of that, what the corporate asshole CEOs and the Federal Reserve don't understand is that in order for the new young blood coming into the employment picture to keep up with the rising costs of living AND the coming ubbble that is student loan debt, that if people aren't getting paid properly and your cutting corners on paychecks left and right, you won't be able to keep up with the rising tides of debt.

Don't even get me started on taxes.  I shipped a NLHE tournament at Foxwoods for $5K last year....the Feds took 20%, and CT took 10%!

Paychecks for young adults getting slimmer

Fri, 03/09/2012 - 10:27 | 2239398 SheepDog-One
SheepDog-One's picture

Also 90K of the jobs number was birth/death....lulz.

Fri, 03/09/2012 - 10:34 | 2239424 kito
kito's picture

rumor has it the Ministry of Truth is now counting newborns as part of the birth numbers...............

we are at war with eurasia.......we have always been at war with eurasia..................

Fri, 03/09/2012 - 10:27 | 2239400 KandiRaverHipster
KandiRaverHipster's picture

does slinging meth count?

Fri, 03/09/2012 - 10:29 | 2239405 the not so migh...
the not so mighty maximiza's picture

Yes it does, sounds like a job to me.

Fri, 03/09/2012 - 10:30 | 2239410 Caviar Emptor
Caviar Emptor's picture

Mule is a good job these days too

Fri, 03/09/2012 - 10:32 | 2239414 KandiRaverHipster
KandiRaverHipster's picture

i'm also in dental school so yeah i've got all my bases covered.

Fri, 03/09/2012 - 10:55 | 2239478 Rainman
Rainman's picture

if you can bootleg some of that laughing gas, give me a holler.

Fri, 03/09/2012 - 10:29 | 2239403 besnook
besnook's picture

remember.....less is more. the buddhist economy.

Fri, 03/09/2012 - 10:32 | 2239415 PaperBear
PaperBear's picture

Do you want fries with that ?

Fri, 03/09/2012 - 10:33 | 2239420 batz
batz's picture


The change in the number of blog post comments between 9 and 10am are probably a good indicator of changes in unemployment.

Fri, 03/09/2012 - 10:38 | 2239433 Schmuck Raker
Schmuck Raker's picture



Fri, 03/09/2012 - 10:39 | 2239436 Schmuck Raker
Schmuck Raker's picture

Over-used, but I promise to quit.

Fri, 03/09/2012 - 10:45 | 2239452 sablya
sablya's picture

iPromise, iPromise...iLOL

Fri, 03/09/2012 - 10:42 | 2239445 cherry picker
cherry picker's picture

I don't doubt the veracity of Zero Hedge's information.  I notice rush hour traffic in LA seems lesss packed than a few months ago.  Customers are taking longer to pay and many are crying the blues.

Yet the MSM flips from great economic news to fear mongering day after day.  I see a steady but slow decline and don't understand how a country such as the US can run such a huge trade deficit and spend twice as much than it brings in year after year without a great depresssion coming on, yet we are not seeing relative concerns from the politicians or official government propaganda.

Do they know something we don't?

Fri, 03/09/2012 - 10:49 | 2239459 sablya
sablya's picture

It's more like the masses don't know something they should.  It's all a con-game, built on trust, like any fiat currency.  When the confidence runs out, the the game is runs, etc.  That's the whole entire complete deal that is behind the headline manipulations, the QEs and market manipulations.  The Fed has become the national psychologist, soothing the people, manipulating the national psyche to feel good.  If people were to ever stop, think real hard, and look what's coming, and have some backbone, this jig would be up.

Fri, 03/09/2012 - 11:25 | 2239566 dwdollar
dwdollar's picture

Looks like they've fooled the idiots into going through another inflationary cycle. Each time the real economy gets weaker, each time the idiots poorer. Maybe next time the idiots won't buy the propaganda.

Fri, 03/09/2012 - 10:51 | 2239466 SheepDog-One
SheepDog-One's picture

Theyre right at the point where theyll go for the 'New World Order', just be a sudden collapse one day and war everywhere and...sorry....only way out of this is the prison planet with 1 central govt and 1 currency controlled by 1 central bank. I dont know when, but thats whats coming.

Fri, 03/09/2012 - 11:00 | 2239488 lizzy36
lizzy36's picture

Game is not built on anything fundamental or tangiable

Confidence is all that matters.

Why the hell you think the Fed has been playing hard offense for 3 straight years.


The issue is that many of those without confidence, cannot concieve of another way, so they go along with the game, even though they know it is all fake.

Fri, 03/09/2012 - 11:18 | 2239539 disabledvet
disabledvet's picture

The question is "do they know something you don't" cuz I wanna be able to do that too.

Fri, 03/09/2012 - 10:42 | 2239446 Rathmullan
Rathmullan's picture

Does anyone know if the Labor Dept. adjusts for the leap year. If not, these employment numbers are overstated by 2.7%, ((29/28)-1) X .75, and thus the beat is less.

Fri, 03/09/2012 - 10:51 | 2239468 azzhatter
azzhatter's picture

they currently just adjust for the Ibama election campaign

Fri, 03/09/2012 - 10:43 | 2239448 Cone of Uncertainty
Cone of Uncertainty's picture

The ironic thing is that these temp jobs are anything but for these people.

Temp jobs are forever bitches--you just need to keep jumping to the next one (plus the second gig too) to make ends meet.

Fri, 03/09/2012 - 11:01 | 2239489 ebworthen
ebworthen's picture

Scads of young guys in my town that I see at two jobs.

20 somethings that can't find career employment to save their lives.

They work at two retail jobs and juggle schedules.  I see them at the grocery checkout, then at Best Buy or Staples.

"Did you change jobs?" I ask.

"No, I work both part time."

One after another, over and over.

The companies won't hire them full time EVER because then they would be required to offer benefits and/or overtime.

The U.S. is a 64 year old with intestinal parasites, a malfunctioning liver, shingles, diabetes, gangrenous toes, and prions in the brain but swears he/she is ready for the Olympics.

Fri, 03/09/2012 - 11:46 | 2239653 AndTheRest
AndTheRest's picture

One word.




Corporations now have MASSIVE regulatory incentives to NOT hire full time workers.  Not coincidentally, it drives down "unemployment" by increasing the number of people with shitty, part time jobs.

Fri, 03/09/2012 - 11:53 | 2239677 Shizzmoney
Shizzmoney's picture

Its actually HeritageCare.  Which bascially = CorporateCare.  But I digress.

You know what could be worse than a government official telling you how much you have to pay, and what care you can recieve?  A government official who used to work at a health insurance agency masquerading as a "social health advisor" telling you how much you have to pay, and what care you can recieve.

People really think Single Payer is worse.  It isn't.  At least workers, voters have a SAY in the single payer benefits they recieve. 

When you go up against a corporation, its a fascist, one way ticket to what our society is headed towards: "Rationism" for the many, and "Porkism" for the few. 

Remember, government doesn't cut costs, corporations do. Governments only cut costs/give tax breaks when corporations tell them to. 

Fri, 03/09/2012 - 10:46 | 2239454 miker
miker's picture

There certainly could be fairer ways to "distribute" the reduced wealth of our economy.  The government, for example, could be pushing out all those 55 and older lard assess that are pulling down 100K per year in worthless, bullshit government jobs.  Not to cut the deficit per se, but to open up jobs for college grads. 

Of course to something like this, they would have to acknowledge that we have a structural problme with the economy; something they are loathe to do.

All this deception will come to no good, I'm afraid.

Fri, 03/09/2012 - 11:40 | 2239627 AndTheRest
AndTheRest's picture

What kind of failure works for the government at 55 years old and only makes a pathetic $100K?  What is that?  GS-12 money?


LOL.  You're obviously out of touch with the GS pay schedule + COLA.  55 year old GS-14 step 7 in Washington D.C. or any other high cost of living area is pulling at least $135K no problem.


You're right about most of them being utterly worthless though.  You nailed that part.

Fri, 03/09/2012 - 10:50 | 2239464 azzhatter
azzhatter's picture

I went Galt and now just work part time. When I feel like it. I also pay no more taxes after earning six figures for years. Fuck this government and the pigmen bankers. They can take a suck

Fri, 03/09/2012 - 11:37 | 2239618 AndTheRest
AndTheRest's picture

But Juan and Juanita have 6 kids you have to pay for.  It's your DUTY to pay your fair share and help out those less fortunate.

Fri, 03/09/2012 - 10:52 | 2239473 nah
nah's picture

factories make jobs that are necessary and in a recovery provide more work bitchez!

Fri, 03/09/2012 - 10:54 | 2239474 ebworthen
ebworthen's picture

Hilda Solis on CNBC with Cramer pumping the B.S. numbers, then saying in response to a question about Prez crushing the Keystone Pipeline "We need clean refineries that are environmentally responsible and alternative solutions."

What a bunch of bone brained bureacrat beasts!  Live off of our taxes like so many leeches and ticks then pontificate about saving the whales while people can't make ends meet -all the while they bail out parasitic banks and their colloidal corporations.

Worst of both worlds, down the rabbit hole, Mad Hatter tea party.


Fri, 03/09/2012 - 11:20 | 2239550 disabledvet
disabledvet's picture

Somebody' pumping somebody on CNBC? DO TELL.....

Fri, 03/09/2012 - 10:53 | 2239476 Stanwick
Stanwick's picture

Apparently it's not good for gold

Fri, 03/09/2012 - 11:21 | 2239554 Hansel
Hansel's picture

NFP is never good for gold.  It's S.O.P.

Fri, 03/09/2012 - 11:00 | 2239487 Rainman
Rainman's picture

At least we have some wiggle room at 19.4 % part-timers. Japan has held steady at 33% underemployed for a long time.

Fri, 03/09/2012 - 11:05 | 2239500 urbanelf
urbanelf's picture

Cat food at the dollar store.  Mmmmmm...

Fri, 03/09/2012 - 11:10 | 2239501 kill switch
kill switch's picture


Has anyone been able to fire up King World News?  Eric's been missing for three days now...or is this another whistle blower gone down the sink at the hands of the CIA's heart attack gun!!

Fri, 03/09/2012 - 11:06 | 2239502 Rubicon
Rubicon's picture

Who needs a workforce when you have Ctrl P. 


In fact why have a population!

Fri, 03/09/2012 - 11:11 | 2239514 adr
adr's picture

Well I was right on the money yesterday, I said +224k. I also said there would be an uptick in the number of people re-entering the workforce to make it look like the job market is getting better. Where's my six figure analyst job?

How was I so accurate? Because I took all logic and reason and threw it out the window. When you realize the number is not based on reality and is only a political tool, you can estimate the number based on the desired result. The number needed to be above 200k but below January's number to keep QE on the edge of the table.

I really like the bullshit higher revision to January when we know the actual non adjusted loss was more than 7 million jobs, there were no actual gains for the month. But that loss was smaller than 2011 so seasonal adjusting gave us +275k, bullshit.

Fri, 03/09/2012 - 11:12 | 2239515 stickyfingers
stickyfingers's picture

The good old days.

Fri, 03/09/2012 - 11:28 | 2239545 Ol Man
Ol Man's picture

I have worked as a "temp" for 25 months now.  Started on a production line as an "operator".  Then the boss found out I had maintenance skills and moved me to a maintenance position, still as a temp. 

I refer to myself as the "perma-temp". 

I am making less than half of what I used to make (pre-crash).


Fri, 03/09/2012 - 11:25 | 2239570 riphowardkatz
riphowardkatz's picture

You doomers fail to see the upsides to the part time economy: more time to consume. Its stimulative.

Fri, 03/09/2012 - 15:17 | 2240610 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Nancy, is that you?

Fri, 03/09/2012 - 11:26 | 2239571 Sunshine n Lollipops
Sunshine n Lollipops's picture

Wanna know a great part-time job? Bank robbery. Depending on your skill level and income requirements, a few hours a month is all you need. You know what they say: When the going gets tough, the tough turn to crime. Got a gun? Get some cash!

Fri, 03/09/2012 - 11:28 | 2239586 jplotinus
jplotinus's picture

"I've been self employed since 2000 in a constuction related field.  In 2006 I made $101,620.00.  In 2011 I made $14,200.00.  Retirement is 100% gone.  Savings is 100% gone.  Emergency fund is 100%.  Health insurance is gone.  Cell phone is gone.  I'm one doctor's visit away from living under a bridge.  I've never been unemployed in my entire life until now."


I, for one, hear you. I think you are far, far from being alone. Capitalism has failed you and all the rest of us 99%ers.

The question is: WTF are we going to do about it? Voting for DwittleyDee or RwittleyRum won't help at all.

All the best to you. I hope things get better for you and the rest of us.

Fri, 03/09/2012 - 11:35 | 2239610 AndTheRest
AndTheRest's picture

You obviously fucked up by building up a life style that maximized your available income.  You really expected to pull 6 figures forever?


I see people like you ALL the time, and I have zero sympathy.  You put all your eggs in one basket, the "I sure hope this company keeps sending me fat pay checks forever" basket.


That year you grossed 101K you should have SAVED at least 40K for a rainy day.  'Bu...bu...but, I have expenses!"  Yea?  And where do those have you now?  About to be living under a fucking bridge.

Fri, 03/09/2012 - 12:46 | 2239919 Saro
Saro's picture

Since we don't have capitalism in the US, I fail to see how capitalism has failed you.

Perhaps you meant the fascist, corporatist state?

Fri, 03/09/2012 - 13:31 | 2240122 EvlTheCat
EvlTheCat's picture

Capitalism has failed?  When did we have Capitalism?  I must have missed that.

When a government says there are areas in the private sector "to big to fail", you don't have Capitalism.  When taxpayers are on the hook to save these same industries, you don't have Capitalism.

Don't blame Capitalism when it is clearly legitimized fraud and robbery backed by The Bureaucracy.

He who makes the rules, wins the game.  Or dies trying!

Fri, 03/09/2012 - 14:57 | 2240506 jplotinus
jplotinus's picture

"Capitalism has failed?  When did we have Capitalism?  I must have missed that.
When a government says there are areas in the private sector "to big to fail", you don't have Capitalism.  When taxpayers are on the hook to save these same industries, you don't have Capitalism.
Don't blame Capitalism when it is clearly legitimized fraud and robbery backed by The Bureaucracy.
He who makes the rules, wins the game.  Or dies trying!"

Dear Ecat

Posts like yours quoted above are little more than an artful dodge. In the most capitalist and least socialist country on earth -- the USofA-- it serves no purpose, other than an excuse for failure, to claim the current complete collapse is not an episode of capitalism, pure and simple.

Just as more debt does not solve the debt crisis, so too here: More capitalism, different capitalism, better capitalism, do not solve the greed and failure that are inherent in capitalism.

Fri, 03/09/2012 - 15:59 | 2240849 Saro
Saro's picture

If you can trace the failures directly back to government intervention in the market (i.e. not capitalism), then you can absolutely claim the current complete collapse is not an episode of capitalism.

Fri, 03/09/2012 - 18:16 | 2241479 EvlTheCat
EvlTheCat's picture

You are kidding right?  You may want to check your premise since the common denominator in any Bureaucracy is the drive to feed and grow it at any and all costs.  Who does this?  Those who create it, and those who become dependent on it.  Bureaucracy and Capitalism do not mix by definition.

It could be just as easily pointed out that "Socialism" is pretty much a wash at this point.  Take a look at Europe.

What are the common factors effecting both economic principles?  Bloat and girth at sustaining large Bureaucracies. Compounded, redundant, laws and tax codes.  Governmental control over education, welfare, and business in hope to provide for (control over) an overgrowing population.  Failed immigration and foreign policies which add immense debt, and little value.

It is not beyond the beast to cannibalize itself in order to protect those who created it.  However where will this occur?   Not at the top where the wealth is being horded, manipulated and controlled by a few.  It will come at the expense of everyday people who have willingly become dependent on the entitlements a good government provide.  Until they don't.

I don't think Socialism is a failure.  I contend that the people who run the system for their own personal greed and satisfaction are the failures.

Has your idea of "Capitalism" failed?  I guess so.  I choose not to blame the principle but to blame those who have manipulated it to suit their own greed and ambition.

You don't like what I wrote?  I could care less.  Why did you waste your time replying to me?

Fri, 03/09/2012 - 11:30 | 2239598 Debugas
Debugas's picture

when will westerners learn that anything above "$2 a day" is not a low paying job

Fri, 03/09/2012 - 11:45 | 2239649 Rainman
Rainman's picture

.....atta boy ! Rain all over that ' hope and change ' bullshit.

Fri, 03/09/2012 - 13:32 | 2240133 Totentänzerlied
Totentänzerlied's picture

when the COL in America is remotely close to that in a developing nation, perhaps

Fri, 03/09/2012 - 11:40 | 2239625 alexwest
alexwest's picture

whatever B(l)S says.. who gives a #uck..

despite all "gains" in labor market USA fed gov collected taxes in feb 2012 less then in 2011 feb, and monthly deficit is biggest on record..

no need more to know


Fri, 03/09/2012 - 12:59 | 2239995 chinaguy
chinaguy's picture

And the labor participation rate keeps dropping for 24 - 55 yo's and the total number of "employed" hasn't increased in three years ...but why let facts get in the way of a good story?

Fri, 03/09/2012 - 11:40 | 2239626 SmoothCoolSmoke
SmoothCoolSmoke's picture

SCOREBOARD!   Dow 12,964.  Have a great day.

Fri, 03/09/2012 - 11:50 | 2239669 SmoothCoolSmoke
SmoothCoolSmoke's picture

I've got a good job with a big corp.  I make >$100K.  My wife teaches at our church's school, $30K.   We live very much within our means (ex: I drive a 1994 F150).

Putting our 3 kids thru college is putting the bite on us.  But we are OK with that.  But here is what keeps me up at night lately:

My oldest son graduates from a B10 school in May.  3.9/4.0 GPA in Bio Chemistry.  Internships the whole bit.  No job as of yet.  The kid is smart, works hard, stays out of trouble.  He deserves a shot...and I do not know what to do to help him get one.

Be'n a Dad these days can be a tough gig.

Fri, 03/09/2012 - 12:10 | 2239734 AndTheRest
AndTheRest's picture

If he weren't a white male he'd already be on the fast track to director of R&D at some big corporation.  But hiring smart white guys is too cliche, and doesn't help meet the affirmative action quotas.


As for "deserving a shot", the American Dream is dead.  He'll get a job, but he'll never live as well as you or your parents did.

Fri, 03/09/2012 - 15:51 | 2240780 Cathartes Aura
Cathartes Aura's picture

oh the poor, poor white males, sooo discriminated against, how ever will they survive?


welcome to the rest of the world.  make your own way - if you're so smart, make yourselves useful.  what was once, has passed.

Fri, 03/09/2012 - 12:31 | 2239851 dwdollar
dwdollar's picture

Deserving ain't got nothing to do with it.

Fri, 03/09/2012 - 12:51 | 2239951 SmoothCoolSmoke
SmoothCoolSmoke's picture

That may be....but appearently working hard and doing well have nothing to do with it either. 

Fri, 03/09/2012 - 12:33 | 2239855 besnook
besnook's picture

sorry you bought the bs. science degrees in demand?needed to make the usa competitive? not when a chinese/indian science degree can be had for a lot cheaper to do the same thing.  i have a daughter in asian studies and trying to convince my son to go the same route. go west. across the pacific. that is where the future lies. it is a 4 billion person market. the usa is an old used and abused whore. you can wax nostalgic about the glory days and sing the star spangled banner and stand for principle(at your own peril) if you have to live here but the world economic(and therefore, power) balance is turning to asia, back to the beginning of civilization completing one full mega cycle.

Fri, 03/09/2012 - 13:07 | 2240016 chinaguy
chinaguy's picture

I made a fortune developing factories in China, so I know there is money to be made there, but it's a LOT harder for educated westerners these days. Just speaking Mandarin doesn't cut it any more because there are now so many Chinese (Thais, Vietnamese, Japanese) fluent in English.

It would have worked 15 years ago but "Asian studies" are no longer any sort of ticket.


Fri, 03/09/2012 - 13:11 | 2240045 besnook
besnook's picture

as long as there is growth there is easier opportunity. there will usa demand for usa educated asian studies grads for years to come not only in china but india, south east asia and even japan.

Fri, 03/09/2012 - 13:15 | 2240069 1eyedman
1eyedman's picture

you already have helped out immensely.   no college; fund today his IRAregadless of tax advantages or not;  also fund for him the % downpaymnet on a home when the time comes (married w/kid).   outside of that all he will ever be required to earn to survive is food/mortgage pymnt.  in the interim he needs to keep up with the reading and join social/professional groups in his feild. it will hit eventually and the CV is still making progress

debt slavery is real.  keep him free.  teach him gun safety.

Fri, 03/09/2012 - 11:52 | 2239673 AndrewCostello
AndrewCostello's picture

I have one of these jobs.  It is low paying and funded through tax payer hand outs in our entitlement economy.  That of course comes from money printing and nothing but money printing.

Fri, 03/09/2012 - 12:10 | 2239738 wonderatitall
wonderatitall's picture

thank god or i am i being redundant, ohbama for his blessing of slavery and shit. never thought that burger flipping was a demorat wet dream


Fri, 03/09/2012 - 12:23 | 2239808 1000yrdstare
1000yrdstare's picture

3 sayings you may want to brush up on to get a job in the future:

Would you like paper or plastic?

Would you like to supersize this order?


if you know those, you are on your way to landing a job in the USSA....

Fri, 03/09/2012 - 13:16 | 2240074 GovtMediaLiars
GovtMediaLiars's picture

I'm one of these people myself. I've been stuck part-time for nearly a year now and finances are now starting to get a little rough.

Now I just study and write about markets all damn day. Yeah, TGIF.

Market Madness 

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