Thread: Charting America's Transformation To A Part-Time Worker Soci

Charting America's Transformation To A Part-Time Worker Society (Part 2) And Parting Thoughts On The Household Survey

Submitted by Tyler Durden
05/06/2011 09:57 -0400
68 comments

Before we finally leave the topic of today's NFP data, we wanted to point out one last thing. While the total payroll number increased by 244K, the household survey indicated a drop of 190K. While this may be simply due to a calendar shift in which the Household survey catches up with the Establishment Survey, we wanted to bring readers' attention to one other fact. Observing the Household data breakdown into full time and part time workers, we see that the drop was actually more pronounced: while the March full time (112.755 MM) and part time (27.087MM) total summed nicely to the total headline number of 139,864, off by just 2K, the April data indicated that the component breakdown highlighted a much more pronounced drop in the headline number than the 190K indicated. Summing up the components adds to 139.572 MM, 102K less than the total 139.674 MM disclosed. In other words, the true drop when summed across components was not 190K, but 290K. And next, for the focus of this post, we look at whether this drop occurred in full time or part time jobs. To our complete lack of surprise, of the 290K drop, 291K was from full time jobs. As for part time jobs, you guessed it, increased by 1,000 in April. As the attached chart shows, since the start of the depression, America has lost 9.1 million full time jobs, offsetting this by a gain of 2.3 million part time jobs. No need to outsource to Asia any more: America now outsources jobs to temp agencies. And so the transition of America into a part-time worker society, first discussed in December of 2010 continues. http://www.zerohedge.com/article/charti ... ths-full-t



Oh, don't expect to get this data anywhere else.

http://www.zerohedge.com/article/charti ... hts-househ

NFP Ex McDonalds And Birth Death: +7k

Submitted by Tyler Durden
05/06/2011 08:48 -0400
101 comments

Today's BLS of 244K is great... until you exclude the 62K from McDonalds hirings, and 175K from the Birth Death Adjustment, and end up with.... +7K jobs.

And yes, the "McDonalds factor" is to be included. Per Goldman:

McDonald’s Corporation said that it hired 62,000 people during an April 19 promotional event. Despite the striking number, we do not expect a major effect on nonfarm payroll employment. Last year, the industry referred to in the payroll statistics as “limited service restaurantsâ€

Participation Rate Unchanged At 25 Year Low 64.2% For Third Straight Month

Submitted by Tyler Durden
05/06/2011 08:38 -0400
34 comments

One of the key metrics in today's report: April civilian non-institutional population at 239,146, a meager rise of 146k from March, and the Civilian Labor Force also barely growing from 153,406 to 153,421 means that for the 3rd straight month the Labor Force Participation Rate remained at a 25 year low of 64.2%.



http://www.zerohedge.com/article/partic ... ight-month