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

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

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

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


LawsofPhysics Fri, 06/02/2017 - 09:44 Permalink

Real work requires that you consume energy and real resources and face real RISK.In the modern monetary system bankers and financiers DO NOT!!!They have access to all the "money" they want for FREE (ZIRP/NIRP) and without RISK (bailouts and bail-ins)!!!See the problem yet?

Endgame Napoleon BurningFuld Fri, 06/02/2017 - 10:27 Permalink

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


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

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

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

In reply to by BurningFuld

Soul Glow Fri, 06/02/2017 - 09:44 Permalink

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

Seasmoke Fri, 06/02/2017 - 09:48 Permalink

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

Ricki13th Fri, 06/02/2017 - 09:59 Permalink

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

giorgioorwell Fri, 06/02/2017 - 11:01 Permalink

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

Deep Snorkeler Fri, 06/02/2017 - 10:11 Permalink

You all must buy goods and services in ever-increasing amounts.It is a matter of lifestyle preservation and a healthy economy.Realize that crazed consumerism is essential to our national survival.Buy things in a frenzy like your lives depend upon it.  

J Mahoney Fri, 06/02/2017 - 10:19 Permalink

Unemployment rate is BOGUS-- labor NON participation rate at an all time HIGHCourts disallow selective immigration ban so ban ALL immigration so people get to workSTOP the Asian subsidy of postal rates pushed by Amazon and Ebay which moves jobs to Asia because they can ship uninspected good here for practically nothing and NOT PAY income or sales tax. This is also bankrupting the USPS (yearly P/L and pension plan)Immigrants now must not be allowed to come here and immediately get on rent assistance and food stamps (see it first hand in "ethnic grocery stores"). Immigrants over 45 should never get subsidized social security-- only get based on what they pay in.

bloofer J Mahoney Fri, 06/02/2017 - 12:24 Permalink

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

In reply to by J Mahoney

Intoxicologist Fri, 06/02/2017 - 10:30 Permalink

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

Fake Trump Fri, 06/02/2017 - 10:42 Permalink

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

TheFulishBastid Fri, 06/02/2017 - 10:43 Permalink

It's an "independent contractor" world baby! We're all our own bosses now! And our own accountant, and sales manager, And supply manager, and lead negotiator, and hr department, and secretary....

decentraliseds… Fri, 06/02/2017 - 13:25 Permalink

 Almost all the world’s economic and political problems revolve around the hegemony of a global corporate cartel, which is headquartered in the US because this is where their dominant military force resides. The US Constitution is therefore the “kingpin” of an all-inclusive global financial empire. These fictitious entities now own the USA and command its military infrastructure by virtue of the Federal Reserve Corporation, regulatory capture, MSM propaganda, and congressional lobbying.   The Founders had to fight a bloody Revolutionary War to win our right to incorporate as a nation – the USA. But then, for whatever reason, our Founders granted the greediest businessmen among them unrestricted corporate charters with enough potential capital & power to compete with the individual states, smaller sovereign nations, and eventually to buy out the USA itself. The only way The People can regain our sovereignty as a constitutional republic now is to severely curtail the privileges of any corporation doing business here. To remain sovereign we have to stop granting corporate charters to just any “suit” that comes along without fulfilling a defined social value in return. The "Divine Right Of Kings” should not apply to fictitious entities just because they are “Too Big To Fail”. We can't afford to privatize our Treasury to transnational banks anymore. Government must be held responsible only to the electorate, not fictitious entities; and banks must be held responsible to the government if we are ever to restore sanity, much less prosperity, to the world.   It was a loophole in our Constitution that allowed corporate charters to be so easily obtained that a swamp of corruption inevitably flooded our entire economic system. It is a swamp that can't be drained at this point because the Constitution doesn’t provide a drain. This 28th amendment is intended to install that drain so Congress can pull the plug ASAP. As a matter of political practicality we must rely on the Article 5 option to do this, for which the electorate will need overwhelming consensus beforehand. Seriously; an Article 5 Constitutional Convention is rapidly becoming our only sensible option. This is what I think it will take to save the world; and nobody gets hurt: 28th Amendment   Corporations are not persons in any sense of the word and shall be granted only those rights and privileges that Congress deems necessary for the well-being of the People. Congress shall provide legislation defining the terms and conditions of corporate charters according to their purpose; which shall include, but are not limited to: 1, prohibitions against any corporation; a, owning another corporation, b, becoming economically indispensable or monopolistic, or c, otherwise distorting the general economy; 2, prohibitions against any form of interference in the affairs of; a, government, b, education, c, news media, or d, healthcare, and 3, provisions for; a, the auditing of standardized, current, and transparent account books, and b, the establishment of a state and municipal-owned banking system c, civil and criminal penalties to be suffered by corporate executives for violation of the terms of a corporate charter.