Underemployment Rate Rises to 15%, Full-time Jobs Drop By 228k (Regulated "Recovery")

Confounded Interest ^ | 08/03/2012 | Anthony B. Sanders

[whitedog57]

The July jobs report has just been released by the Bureau of Labor Statistics.

The U6 Underemployment Rate rose from 14.9% to 15.0%.

Non-farm payrolls (NFP) rose 163,000. But with over 12 million unemployed, that is still a small number compared to what is needed. It did beat expectations, however.

Now for the bad news (other than unemployment rates rising). In July, the number of part-time jobs added was 31,000 while the number of full-time jobs fell 228,000.

So, let me get this straight. The headline will be NFP rose 163k, while full-time jobs fell more (-228k).

Obamacare seems to be encouraging employers to add part-time rather than full-time jobs. Ah, regulations!

Now for the monthly unemployment scorecard which measures employment progress since the recovery summer of 2010.

Since July 1, 2010, the number of people who have gone on disability is larger than the number of people that have dropped off on unemployment rolls by 192,000!

The Employment-to-Population ratio is lower in July than it was in July 2010. 58.4% means that 41.6% of the population is NOT employed.

This is a recovery?

[whitedog57]

This economist points out that while 163,000 jobs were added, 228,000 full-time jobs were lost.

[vet7279]

Welcome to the world of disposable employees. This has been in the works for a lot of years. I would be surprised if we ever go back to “full time” employees, independent contractor is the word of the month. Short term gains at the expense of long term growth.