« previous   misc   next »

Are We Becoming a Nation of Part Timers?


By smaulgld   Follow   Sat, 6 Jul 2013, 12:31am PDT   1,170 views   31 comments
Watch (0)   Share   Quote   Permalink   Like (2)   Dislike (1)  

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/

Comments 1-31 of 31     Last »

smaulgld   Sat, 6 Jul 2013, 1:17am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 1

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

mmmarvel   Sat, 6 Jul 2013, 1:46am PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 2

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.

APOCALYPSEFUCKisShostikovitch   Sat, 6 Jul 2013, 1:47am PDT   Share   Quote   Permalink   Like (2)   Dislike     Comment 3

Welcome to:

Labor Pool America!

smaulgld   Sat, 6 Jul 2013, 1:51am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 4

just in time employment, unallocated work pool

swebb   Sat, 6 Jul 2013, 1:58am PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 5

smaulgld says

Are we becoming a nation of part-timers?

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

smaulgld   Sat, 6 Jul 2013, 2:26am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 6

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."

bob2356   Sat, 6 Jul 2013, 2:37am PDT   Share   Quote   Permalink   Like (3)   Dislike     Comment 7

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.

smaulgld   Sat, 6 Jul 2013, 3:24am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 8

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

smaulgld   Sat, 6 Jul 2013, 4:14am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 9

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

puhim   Sat, 6 Jul 2013, 4:24am PDT   Share   Quote   Permalink   Like (2)   Dislike     Comment 10

"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.

puhim   Sat, 6 Jul 2013, 4:25am PDT   Share   Quote   Permalink   Like   Dislike     Comment 11

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.

smaulgld   Sat, 6 Jul 2013, 5:00am PDT   Share   Quote   Permalink   Like (2)   Dislike (1)     Comment 12

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

mmmarvel   Sat, 6 Jul 2013, 5:39am PDT   Share   Quote   Permalink   Like (3)   Dislike     Comment 13

lostand confused   Sat, 6 Jul 2013, 5:46am PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 14

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 ?

smaulgld   Sat, 6 Jul 2013, 6:30am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 15

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

puhim   Sat, 6 Jul 2013, 7:14am PDT   Share   Quote   Permalink   Like (1)   Dislike     Comment 16

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.

HEY YOU   Sat, 6 Jul 2013, 8:21am PDT   Share   Quote   Permalink   Like (2)   Dislike     Comment 17

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.

smaulgld   Sat, 6 Jul 2013, 8:33am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 18

tough looking for a house with a full time job!

HydroCabron   Sat, 6 Jul 2013, 8:45am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 19

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.

Call it Crazy   Sat, 6 Jul 2013, 11:44am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 20

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.....

Call it Crazy   Sat, 6 Jul 2013, 11:47am PDT   Share   Quote   Permalink   Like   Dislike (1)     Comment 21

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.

smaulgld   Sat, 6 Jul 2013, 9:56pm PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 22

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?

adarmiento   Sat, 6 Jul 2013, 10:04pm PDT   Share   Quote   Permalink   Like   Dislike     Comment 23

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 !

Call it Crazy   Sun, 7 Jul 2013, 12:28am PDT   Share   Quote   Permalink   Like (2)   Dislike (1)     Comment 24

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......

smaulgld   Sun, 7 Jul 2013, 12:52am PDT   Share   Quote   Permalink   Like (2)   Dislike (1)     Comment 25

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

adarmiento   Sun, 7 Jul 2013, 9:51am PDT   Share   Quote   Permalink   Like   Dislike     Comment 26

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.

smaulgld   Sun, 7 Jul 2013, 10:16am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 27

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

Call it Crazy   Sun, 7 Jul 2013, 11:36am PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 28

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

smaulgld   Sun, 7 Jul 2013, 9:56pm PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 29

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

smaulgld   Sun, 7 Jul 2013, 11:49pm PDT   Share   Quote   Permalink   Like (1)   Dislike (1)     Comment 30

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

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

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

smaulgld is moderator of this thread.

Email

Username

Watch comments by email

home   top   questions or suggestions? write p@patrick.net