Many are hailing today’s establishment and household job reports, which show 300,000, or as many as 500,000, jobs being added in March. But Steve Moore points out in his Committee to Unleash Prosperity email that the picture is far from rosy:
The new job numbers for March were strong with 300,000 jobs added in the establishment survey and 500,000 in the household survey. But those positive headline numbers camouflage a very disturbing trend in the labor market. Almost all of the new jobs on net are part-timers. That means a part-time paycheck.
Stock market advisor Stephanie Pomboy of MacroMavens has analyzed the number and reports that in the last four months, the labor market has LOST 1.8 million full-time jobs.
Here is a handy summary for the past year:
* Overall payrolls up 1.9%
* Part-time jobs up 7.5%
* Full-time jobs down -1.35%How many of the 300,000 jobs are double counting people holding TWO jobs?
So full-time jobs are actually down over the last year. That is rather shocking. This simple chart tells the story:
Sp basically, prices have been rising rapidly, family budgets are under attack, and a lot of people are seeking to supplement their families’ earnings with part-time work. That is not something to celebrate.
UPDATE: Then there is this:
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