March 2016 jobs: Biggest increase in labor force "since last fall...are people without a high school degree. They tend to be more heavily employed in retail or leisure and hospitality."...4/1/16, "Fed will likely hike rates in June in wake of jobs report, economists say." March 2016 jobs report "is likely to reassure the Federal Reserve that
the economy remains on sound footing."
4/1/16, "Part-timers might account for labor-force surge," marketwatch.com, Jeffry Bartash
"The number of able-bodied Americans entering the labor force has
surged since last fall....
The latest U.S. jobs report suggests many of these newly employed workers have found part-time work with mediocre pay.
The participation rate hit a two-year high of 63% in March,
climbing from a 38-year low of 62.4% in September, the government said
Friday. A person is considered part of the labor force if he finds or
job or is actively searching for one.
The sharp rebound in labor-force participation after
years of decline is a welcome turnabout, though economists are puzzled.
Many had expected participation to remain low or fall even further as
more baby boomers retire....
Consider so-called involuntary part-time workers. These are people who would prefer a full-time job or more hours if they were available.
After hitting a post-recession low of 5.8 million in October, the number
of people who can only get part-time work has bounced back up to 6.1
million, according to figures from the Labor Department’s household
Hiring has been particularly strong in the past six
months at retail stores and restaurants, where both pay and the number
of hours employees work lags behind the national average.
The group with the biggest increase in participation since last fall,
what’s more, are people without a high school degree. They tend to be more heavily employed in retail or leisure and hospitality.
number of hours the average person works each week, meanwhile, has
fallen several ticks since the beginning of the year. And wage growth
has leveled off....
Both are signs of a shift in hiring toward lower-paying jobs with fewer hours."...(graph from Marketwatch.com)
In article below, experts say Fed will likely hike rates in wake of March 2016 jobs report. No mention that global economy is being bet on part time jobs, that biggest job gains were part-time, low wage, and filled by persons with less than high school education:
4/1/16, "Fed will likely hike rates in June in wake of jobs report, economists say," Marketwatch.com, Greg Robb
"Fresh data from the Labor Department Friday has given the Federal
Reserve the green light to raise interest rates in June, economists
The U.S. created 215,000 new jobs in March, the government
said. The unemployment rate rose a notch to 5% from 4.9% but that was
because more Americans joined the labor force."...
Third article, no mention that bulk of new "jobs" in March 2016 report are part-time and held by the poorly educated. Instead, says report is "likely to reassure the Federal Reserve that
the economy remains on sound footing:"
4/1/16, "U.S. adds 215,000 new jobs in March as more workers enter labor force," marketwatch.com, Jeffry Bartash
steady of pace of hiring is likely to reassure the Federal Reserve that
the economy remains on sound footing, laying the groundwork for another
increase in interest rates as early as June. The U.S. has been creating
more than 200,000 jobs a month since 2014."...
This article does mention the significant drop in manufacturing jobs:
at manufacturing firms put in less time as the industry cut 29,000 jobs
in March. That’s the biggest drop in manufacturing employment since
2009, underscoring a difficult sales environment both at home and
Energy companies such as firms engaged in fracking also eliminated 12,000 more jobs to cope with cheap oil.
sectors added workers, however. Retailers took on 48,000 more
employees, construction companies added 37,000 jobs, health care
providers hired 37,000 people and restaurants boosted staff by 25,000."....
Saturday, April 2, 2016
The Fed must love the 'poorly educated.' Experts say Fed will likely hike interest rates in wake of March 2016 jobs report. But biggest 'job growth' came from part-time, low wage jobs held by persons with less than high school education-Marketwatch, 4/1/16
Posted by susan at 3:11 AM