Are We Becoming a Nation of Part Timers?


By smaulgld   Follow   Sat, 6 Jul 2013, 7:31am   795 views   31 comments
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With many touting the latest non farms payroll beat in expectations as a sign that the economy is improving, mostly ignored was the surge in the underemployment rate from 13.8 % to 14.3%.

What will this mean for Fed's plans to taper QE and how might it impact the real estate market?

Are we becoming a nation of part-timers?

This podcast discusses this and other economic news:

http://smaulgld.com/the-part-time-recovery-podcast-752013/

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  1. smaulgld


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    1   8:17am Sat 6 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    195,000 jobs created in May but many part time, seasonal and in lowly paid sectors of the economy

  2. mmmarvel


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    2   8:46am Sat 6 Jul 2013   Share   Quote   Permalink   Like (1)   Dislike  

    smaulgld says

    195,000 jobs created in May but many part time, seasonal and in lowly paid sectors of the economy

    See the economy is improving, just ask Obama; or better yet, Roberto.

  3. APOCALYPSEFUCKisShostikovitch


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    3   8:47am Sat 6 Jul 2013   Share   Quote   Permalink   Like (2)   Dislike  

    Welcome to:

    Labor Pool America!

  4. smaulgld


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    4   8:51am Sat 6 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    just in time employment, unallocated work pool

  5. swebb


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    5   8:58am Sat 6 Jul 2013   Share   Quote   Permalink   Like (1)   Dislike  

    smaulgld says

    Are we becoming a nation of part-timers?

    Isn't that the promise of increasing efficiency and productivity? Shorter work weeks?

  6. smaulgld


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    6   9:26am Sat 6 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    Swebb

    Actually no and its covered in the podcast and blog post

    The bulk of the new part time jobs are in service sectors where the company needs the man hours.

    "that part time work is increasing not because productivity is increasing and workers can complete their jobs in few hours but that employers require staff on site for a certain amount of hours and can cost effectively fill these hours with part time workers."

  7. bob2356


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    7   9:37am Sat 6 Jul 2013   Share   Quote   Permalink   Like (3)   Dislike  

    There's a simple explanation. Obamacare. Everyone has for the last year been cutting back hours to get under the cap for providing health care. The unemployment rate is a joke at this point. One full time job is being split into 2 part time jobs by the 100's of thousands. That's hardly a robust job market.

  8. smaulgld


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    8   10:24am Sat 6 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    interesting that the obama administration announced last week that they were delaying the implementation of the employer mandate to Jan 2014

  9. smaulgld


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    9   11:14am Sat 6 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    More part time workers means lower incomes a fact that was obsfucated by the latest jobs report that wages went up ten cents an hour.

    Employers can afford to pay part time workers slightly higher pay as they don't have to pay benefits

  10. puhim


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    10   11:24am Sat 6 Jul 2013   Share   Quote   Permalink   Like (2)   Dislike  

    "Also at an all-time record high is part-time employment. In June, the household survey reported that part-time jobs soared by 360,000 to 28,059,000. Full-time jobs? Down 240,000. So far in 2013, just 130,000 full-time jobs have been added, offset by a whopping 557,000 part-time jobs."

    It is becoming the norm for an individual to work two part time jobs to live CHECK TO CHECK!

    The economy goes from atrocious to catastrophic collapse with more and more part time jobs being created.

  11. puhim


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    11   11:25am Sat 6 Jul 2013   Share   Quote   Permalink   Like   Dislike  

    So far in 2013, just 130,000 full-time jobs have been added

    INCOMPENTANCY!

    RECESSION! and worse a collapse is imminent with numbers like these.

  12. smaulgld


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    12   12:00pm Sat 6 Jul 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    the number of full time jobs created should be the headline number not the total number of jobs

  13. mmmarvel


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    13   12:39pm Sat 6 Jul 2013   Share   Quote   Permalink   Like (3)   Dislike  

  14. lostand confused


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    14   12:46pm Sat 6 Jul 2013   Share   Quote   Permalink   Like (1)   Dislike  

    Ok , dumb question time. If a guy/gal has to get two or even three part-time jobs to match his revenue from the full-time job he/she was laid off from- is that now considered as two or three new jobs created??

    In other words, do they count by person or just the jobs ?

  15. smaulgld


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    15   1:30pm Sat 6 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    I am pretty sure the BLS counts the number of people who are employed as they also calculate the cumulative hours that people work

  16. puhim


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    16   2:14pm Sat 6 Jul 2013   Share   Quote   Permalink   Like (1)   Dislike  

    lostand confused says

    Ok , dumb question time. If a guy/gal has to get two or even three part-time jobs to match his revenue from the full-time job he/she was laid off from- is that now considered as two or three new jobs created??

    In other words, do they count by person or just the jobs ?

    bye bye pensions, bye bye benefits, bye bye retirement.

    The great American job no longer exists anymore, WHY GOTO COLLEGE?

    Corporations are not creating any full time jobs, NONE! 10K a month is what small business are contributing to the bottom line, those part time jobs are all the Corps and Global Corps can manage in USA.

  17. HEY YOU


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    17   3:21pm Sat 6 Jul 2013   Share   Quote   Permalink   Like (2)   Dislike  

    People need spare time to view overpriced houses & the time to decide how much over asking price they are willing to pay with their part time employment savings. No clouds,only silver linings.

  18. smaulgld


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    18   3:33pm Sat 6 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    tough looking for a house with a full time job!

  19. HydroCABRON not hydrocarbon


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    19   3:45pm Sat 6 Jul 2013   Share   Quote   Permalink   Like (1)   Dislike  

    smaulgld says

    just in time employment, unallocated work pool

    Don't knock it. My grandmother worked in an agricultural packing house for decades, on and off with the rhythm or the seasons. Went on unemployment every year.

    It worked fine for her: she paid off a $14,000 mortgage, and lived just fine on social security and her savings.

    How does one pay for a $350,000 house on part time earnings? I have no idea. Of course, real estate is sure to increase in value, since it always does, in spite of
    the complete lack of first-time buyers at the bottom, and falling incomes throughout the middle class.

  20. Call it Crazy


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    20   6:44pm Sat 6 Jul 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    mmmarvel says

    smaulgld says

    195,000 jobs created in May but many part time, seasonal and in lowly paid sectors of the economy

    See the economy is improving, just ask Obama; or better yet, Roberto.

    You forgot to add Iwog to your list.....

  21. Call it Crazy


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    21   6:47pm Sat 6 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    lostand confused says

    Ok , dumb question time. If a guy/gal has to get two or even three part-time jobs to match his revenue from the full-time job he/she was laid off from- is that now considered as two or three new jobs created??

    In other words, do they count by person or just the jobs ?

    I think you are learning how they do math in D.C.

  22. smaulgld


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    22   4:56am Sun 7 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    So if there are part time jobs, student laden with debt, interest rates rising, people finally looking to sell their homes, investors slowing down their purchases, who is going to keep the housing market going?

  23. adarmiento


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    23   5:04am Sun 7 Jul 2013   Share   Quote   Permalink   Like   Dislike  

    Automation and globalization are the two major factors for this Race to the Bottom.

    All I know is that China and Mexico better start showing major gains in standards of living and better catch up ASAP with the USA !

  24. Call it Crazy


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    24   7:28am Sun 7 Jul 2013   Share   Quote   Permalink   Like (2)   Dislike (1)  

    smaulgld says

    So if there are part time jobs, student laden with debt, interest rates rising, people finally looking to sell their homes, investors slowing down their purchases, who is going to keep the housing market going?

    Come on... none of that matters... don't you know we are in housing recovery and millions of new people will be buying houses this year!!!

    Roberta and Iwog said so......

  25. smaulgld


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    25   7:52am Sun 7 Jul 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    sorry, I lost my head for a moment-yes real estate will soar in 2014

  26. adarmiento


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    26   4:51pm Sun 7 Jul 2013   Share   Quote   Permalink   Like   Dislike  

    Call it Crazy says

    Come on... none of that matters... don't you know we are in housing recovery and millions of new people will be buying houses this year!!!

    Roberta and Iwog said so......

    You definitely got that right about Roberta and Iwog. Meanwhile the 30 year mortgage interest rate is going up so that housing is even more out of reach of the remaining middle class.

  27. smaulgld


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    27   5:16pm Sun 7 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    Saw an article that argued that rising interest rates won't hurt home prices!

  28. Call it Crazy


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    28   6:36pm Sun 7 Jul 2013   Share   Quote   Permalink   Like (1)   Dislike (1)  

    adarmiento says

    You definitely got that right about Roberta and Iwog. Meanwhile the 30 year mortgage interest rate is going up so that housing is even more out of reach of the remaining middle class.

    Not according to Roberto, Eman, Iwog, etal... Housing has never been more affordable according to them...

    smaulgld says

    Saw an article that argued that rising interest rates won't hurt home prices!

    Yep, that's what our resident landlords above think....

    But to the rest of the country, the recent rise in rates have dropped affordability by 10% based on similar monthly payments....

    That means that our resident landlords just lost over 10% of value in their "investments"....

    ......."Let's say you managed to bottom-tick the rate on a 30 year mortgage at about 3.5% a few months ago.

    Let's further say that you were buying a $200,000 house.

    Your P&I (Principle and Interest) on that loan was $895.48 per month.

    Now that same loan is about 4.5% -- up roughly 100 basis points in the last couple months, or more than 25% higher.

    How much house does your $895.48 buy?

    $177,395.72

    The imputed loss of value in every home in the nation is 11.3%.

    http://market-ticker.org/akcs-www?post=222517

  29. smaulgld


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    29   4:56am Mon 8 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    home price increases can not be sustained given the jobs situation, mortgage interest rates

  30. smaulgld


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    30   6:49am Mon 8 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    Will the market realize that the job report was NOT good or ignore the underlying data?

  31. smaulgld


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    31   8:41am Mon 8 Jul 2013   Share   Quote   Permalink   Like   Dislike (1)  

    gold and silver up bonds yields down-just a readjustment from the big move friday or market taking into account the jobs report?

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