Wednesday, August 7, 2013

Obomanomics: 77 Percent of Job Growth so far in 2013 was PART-TIME Jobs

The 162,000 jobs the economy added in July were a disappointment. The quality of the jobs was even worse. 
A disproportionate number of the added jobs were part time or low paying — or both. 
Part-time work accounted for more than 65 percent of the positions employers added in July. Low-paying retailers, restaurants, and bars supplied more than half July’s job gain.
‘‘You’re getting jobs added, but they might not be the best-quality job,’’ said John Canally, an economist with LPL Financial in Boston. 
So far this year, low-paying industries have provided 61 percent of the nation’s job growth, even though these industries represent just 39 percent of overall US jobs, according to Labor Department numbers analyzed by Moody’s Analytics. Mid-paying industries have contributed just 22 percent of this year’s job gain.
‘‘The jobs that are being created are not generating much income,’’ Steven Ricchiuto, chief economist at Mizuho Securities USA, wrote to clients. 
That is one reason Americans’ pay has not kept up with even historically low inflation since the Great Recession ended in June 2009. Average hourly pay fell 2 cents in July to $23.98 an hour. 
Part-time work has made up 77 percent of the job growth so far this year. The government defines part-time work as being less than 35 hours a week.
Analysts say some employers are offering part-time over full-time work to sidestep the new health care law’s rule that they provide medical coverage for permanent workers. (The Obama administration has delayed that provision for a year and into 2015.)...
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1 comment:

BOSMAN said...

I have a theory on this. THE PLAN is to make everyone part-time...Then folks will protest that they're not earning enough...Government dependency will kick in for the majority of Americans...People working the 40 hour weeks will protest that they're working too many hours, and the new full time job will become a 30 hours or less.

We'll become even more like Europe. THANKS OBAMACARE.