Monday, June 4, 2012

U.S. Hits Disturbing Job Shift

Zerohedge reported that the U.S. has been undergoing a :
...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.
...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.

More Americans are taking part-time work... it's any port in the storm, really.
Companies are not hiring "full timers" as much, because of the huge costs associated with that as a result of so many government requirements.

This summer, kids who have just graduated college are also finding it very difficult to find employment. A new study reveals more than half of recent college graduates are unemployed or underemployed! This does not bode well for all of them who have to start paying their student debt.