The all clear for Yellen’s rate hike was given this morning. The headlines blared the strong job growth confirms the economy is doing wonderful. That’s funny. A little digging into table A-9 reveals the truth.
Here’s your job growth since August of this year:
Total full-time jobs added: 3,000
Total part-time jobs added: 404,000
Can you say Obamacare?
Since July, the number of people holding multiple jobs has risen by 261,000.
Since September, the number of new jobs that were self-employed (selling shit on Ebay) increased by 247,000.
The number of part-time workers due to business conditions deteriorating jumped by 256,000 in November versus October. That surely is a sign of economic vitality.
The only category of education that saw a drop in their unemployment rate was those with less than a high school degree. Either they just dropped out of the workforce, or Obama hired them to process Syrian refugees.
Average weekly hours of full-time employees was 33.7 (that’s funny because I always thought full-time meant 40 hours – I need re-education in government drone speak), down from 33.8 last November. People always work less hours when the economy is recovering. Right?
Wage rates were flat and are up a whole 2% in the last year. Thank God there is no inflation in the things we need to live life.
The fact is that any jobs being added are shit service jobs paying shitty wages, with no benefits. The cost of Obamacare is going off the charts for people with jobs, as insurance premiums are jacked up by double digits.
Anyone on Obamacare now realizes its not really free, as the deductibles are so high, you can’t even use it. If there was a real jobs recovery, retailers would not be reporting dreadful results and consumer spending would be robust.
But this is all just a show. Yellen needs to raise rates so she can lower them when this ongoing recession is finally confirmed by the Deep State propaganda machine at the time of their choosing.
Where The Job Gains Were: 319,000 “Part-Time Jobs For Economic Reasons” Added
Submitted by Tyler Durden on 12/04/2015 09:33 -0500
On the surface, the December jobs number was better than expected, adding a 211,000 jobs at least according to the Establishment survey. However, a less pretty picture emerges when looking at the Household survey, and specifically the composition of full-time vs part-time workers.
This is what the BLS said about the composition of job additions from the Household Survey:
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 319,000 to 6.1 million in November, following declines in September and October.
For those unfamiliar, this is a category of workers that includes “individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.”
As such this includes far more than merely workers hired on a temporary basis by retailers to fill seasonal worker needs.
Furthermore, this 319K increase in part-timers for economic reasons more than accounts for the total increase in employed workers according to the Household survey, which rose by 244K to 149,364,000.
Charted, it shows that the November jump was the highest since September 2012.
Elsewhere, according to the Establishment survey, the breakdown in job additions in November was as follows: in the front inexplicably we had construction workers, which paradoxically comes at a time when recent US housing data has taken a turn for the worse as reported previously. It is follwed by the traditional low paying jobs of education and health, professional services, leisure and hospitality, and retailers. High paying jobs such as manufacturing, mining and logging and information all saw a decline in the month.
My friend’s Obamacare Plan: $5,000 year + $5,000 deductible = $10,000 / yr out of pocket before insurance pays a dime. If you do manage to collect, it resets every year, so you need to spend another $10,000.
Health care -actual health care, not insurance premiums- is less affordable and less accessible for the average lower end working class American that falls just outside of the heavily subsidized class than it was prior to Obamacare.
BTW, a question for someone who knows: How is the deductible handled for those receiving heavily subsidized insurance? If they are subsidized because they can’t afford the insurance otherwise, is their deductible also subsidized or are they in the same boat as the rest of us when it comes to that?
It is actually worrisome that obamacare has not caused a larger spike in part time jobs. Before obamacare you could work part timers over 30 hours or even pay them overtime in certain situations such as a spike in business or a string of unexpected absences. I had several part time jobs where I was scheduled for only 20-25s but had the opportunity to work as many as 48 hours a week. Of course I jumped at the opportunity. But today you cant do that, to my knowledge you cant do it at all(?) not even for one week. So employers have to hire even more people to maintain some flexibility, and they have to keep their hours down at around 20 per week to ensure that if they need to step in for someone else they wont go over their limit. Because of this I’d expect 300K jobs a month average with spikes to 500K. The fact that we arent getting this seems awefully dire to me.
“If you shut up truth and bury it under the ground, it will but grow, and gather to itself such explosive power that the day it bursts through it will blow up everything in its way.”
Émile Zola
One point of O care is no care.
Ezekiel Emanuel anyone? He asserts
life after age 75 is not worth living.
by Karl Denninger
The labor/population rate flat-lined this month and so did the official unemployment rate.
The internals, however, continue a troubling trend. First, men 16 and over suffered a 0.4% loss in employment-population ratio while women gained four tenths and neither change was concentrated in teens.
In fact, among teens he employment population ratio lost three tenths — that is, teens got fired.
Black adult men got hammered particularly badly, losing 0.6% in employment:population ratio. Black adult women on the other hand gained 0.4%.
But the outstanding winner was the Asian, who gained a stunning 0.9% and teen Hispanics who gained an unbelievable 1.8%.
The trend continues in the educational realm; your bachelors was worth nothing in terms of better risk of being employed, while those with less than a high school degree gained 1.2% and those with an associates or some college experience added 0.2%. High school grads actually lost (-0.4%).
The jobs being added have been and are, on-balance, “McJobs.”
Finally, government added 473,000 jobs last month (!) while private enterprise lost 309,000.
“Strong” growth? Uh huh…..
Obama’s shit recovery in nine charts: http://www.zerohedge.com/news/2015-09-16/obamas-recovery-just-9-charts
While One Hand Distracts with California Terrorism, S&P Downgrades Every Major US Financial Institution: http://johngaltfla.com/wordpress/2015/12/02/while-one-hand-distracts-with-california-terrorism-sp-downgrades-every-major-us-financial-institution/
Since January The US Has Added 294,000 Waiters & Bartenders, And Zero Manufacturing Workers
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All the jobs around here in CT are exactly what was described: Under 30 hours, $11-13 an hour, no bene’s of course. What gets me is that a wally world job pays about $9-something to start, and a local special-needs child van service pays $12 part-time, but you have to have a CDL-B with passenger and school bus endorsements, medical card, and a triple I background check, all of which you have to pay for up front in order to even qualify. Where’s the parity?
The local construction company that my brother retired from seven years ago paid him $24/hr and now are advertising for a driver (with CDL-A, Med card, etc.) to start at $14/hr, part time, no benefits, of course.
Why the fuck would I drive a tractor trailer instead of a ford passenger van for an extra $2 an hour on a less than 30 hour week? This is in high priced connecticut, folks. What the hell are people getting paid in the lower cost of living states?
@Dutchman,
You nailed it. My Obamacare plan for 2016 is $6,000 in premiums with a $4,500 deductible. So I’m just trying to stay healthy.
One thing I have noticed is that virtually all of the liberals who support this Obamacare monstrosity have employer-provided health plans and are therefore not covered by an Obamacare policy.
Just don’t “buy” that useless crap insurance
Wow only 3000 full time jobs? since august? I accounted for at least 6 of those .
Those stats cant be right .? I know it is bad out there , but really?
There is no way that my little restaurant , not a mcjob , could be could be .05% . ?
On the other hand ,that would explain the desperation I see from applicants when I do interviews .
If this is true , I know why they cannot believe full benefits of vacation, insurance,401k and a pension plan .
Shit I am scared now . Getting a beer .