Back in December 2010 Zero Hedge was the first to point out what is easily the most troubling characteristic within America's evaporating labor force: its gradual transition to a part-time worker society. We elaborated on this back in February when we noted that the quality assessment of US jobs indicates that this most disturbing trend is accelerating. Finally, yesterday, the BLS' latest jobs report confirmed that our concerns have been valid all along: as of May, part-time jobs just as disclosed by the Bureau of Labor Statistics hit an all time high, over 28 million! These are people who traditionally have zero job benefits, including healthcare and retirement, and which according to the BLS "work less than 35 hours per week." In other words, as little as one hour per week of "work" is enough to classify one a part-time worker. More disturbing: the increase in part-time jobs in May compared to April: 618,000, or the fifth highest on record. It gets better: when added with the 508,000 increase in part-time jobs in April, this is the largest two month increase in part time-jobs in history. Which means of course that full time jobs in May must have declined: sure enough, at a -266,000 drop in full time jobs, the quality composition of the NFP report was just abysmal and makes any reported "increase" in those employed into a sad farce.
And the punchline: Part-time vs Full-time jobs:
The chart above hardly needs further clarification: since the December 2007 start of the depression, full time jobs have declined by 6.9 million while part-time jobs have increased by 3.1 million.