Manufacturing lost 9,000 jobs in Oct. 2016
11/4/16, "Multiple Jobholders Hits 21st Century High, As Full-Time Jobs Tumble," Zero Hedge, Durden
"While today's headline jobs print was somewhat disappointing, with
the Establishment Survey missing the expected print of 173K, rising by
161K, it was offset by upward revisions to previous months. But while
the quantitative headline aspect is open to interpretation, the
qualitative component of the October jobs print was - just like in the case of September - all too clear: it was ugly, again.
Recall that in September, the Household Survey revealed that the
number of part-time workers soared by 430,000 as full-time workers
actually declined by 5,000. The trend continued in October, when another 103,000 full-time jobs were lost,
which was offset by a 90,000 increase in part-time jobs. In other
words, the transition to a part-time worker society appears to have
resumed after a hiatus.
The same series on a historical basis, shows that full-time jobs have
been giving way to part-time jobs in recent months as Obamacare starts
to bite, and as retail hiring picks up a the expense of all else.
But perhaps even more troubling than the breakdown in September job
quality, was another seldom-touted series: the number of Multiple
jobholders, or people who are forced to hold more than one job due to
insufficient wages or for other reasons. It was here that the red
flashing light came on because when looked on an actual, unadjusted
basis, the number of multiple jobholders rose to 8.050 million, the highest number this century.
The begs the question how many of the 161K jobs "added" were double
counted as a result of the ongoing rise in the number of multiple
So yes: overall job growth continues to chug along - and
paradoxically wages continue to grow - if at a modestly disappointing
pace at least in October, but the quality of the added jobs remains
Manufacturing lost 9,000 jobs as genocide of the US by its political class continues:
11/4/16, "US nonfarm payrolls total 161,000 in Oct, vs 175,000 jobs expected," CNBC, Jeff Cox
"The household survey painted a less-flattering picture, with
full-time jobs falling by 103,000 and part-time positions gaining
90,000, while and government reported a 22,000 net gain.
The level of workers
counted as out of the labor force was the second highest on record,
surging 425,000 to 94.6 million. And the labor-force participation rate
also edged lower to 62.8 percent and remains mired around levels last
seen in the late-1970s.
On the downside, retail
positions fell by 1,100 heading into the holiday season, while
manufacturing lost 9,000 and mining and logging dropped 2,000.
manufacturing job growth remains virtually non-existent," said Mark
Hamrick, senior economic analyst at Bankrate.com. "Many of those
separated from this sector for a long time, perhaps lacking sufficient
meaningful skills to get back into the workforce, feel like their
government has forgotten them.""...