Friday, November 4, 2016

9000 US manufacturing jobs lost in Oct. 2016. 103,000 full time jobs lost. 90,000 part time jobs added as transition to part time worker society continues. Total multiple jobholders now 8.050 million, highest this century-CNBC, Zero Hedge

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 jobholders. 
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 woeful."

Source: BLS 


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.
"Unfortunately, manufacturing job growth remains virtually non-existent," said Mark Hamrick, senior economic analyst at "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.""...


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