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Are We Becoming a Nation of Part Timers?

By smaulgld   2013 Jul 6, 12:31am   3,397 views   27 comments   watch (0)   quote      

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/

#housing

Comments 1-27 of 27     Last »

1   smaulgld   9/9 = 100% civil   2013 Jul 6, 1:17am  ↑ like (1)   ↓ dislike (1)   quote    

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

2   mmmarvel   28/28 = 100% civil   2013 Jul 6, 1:46am  ↑ like (1)   ↓ dislike   quote    

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     2013 Jul 6, 1:47am  ↑ like (2)   ↓ dislike   quote    

Welcome to:

Labor Pool America!

4   smaulgld   9/9 = 100% civil   2013 Jul 6, 1:51am  ↑ like (1)   ↓ dislike (1)   quote    

just in time employment, unallocated work pool

5   swebb     2013 Jul 6, 1:58am  ↑ like (1)   ↓ dislike   quote    

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   9/9 = 100% civil   2013 Jul 6, 2:26am  ↑ like (1)   ↓ dislike (1)   quote    

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   494/498 = 99% civil   2013 Jul 6, 2:37am  ↑ like (3)   ↓ dislike   quote    

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   9/9 = 100% civil   2013 Jul 6, 3:24am  ↑ like (1)   ↓ dislike (1)   quote    

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

9   smaulgld   9/9 = 100% civil   2013 Jul 6, 4:14am  ↑ like (1)   ↓ dislike (1)   quote    

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     2013 Jul 6, 4:24am  ↑ like (2)   ↓ dislike   quote    

"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     2013 Jul 6, 4:25am  ↑ like   ↓ dislike   quote    

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   9/9 = 100% civil   2013 Jul 6, 5:00am  ↑ like (2)   ↓ dislike (1)   quote    

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

13   mmmarvel   28/28 = 100% civil   2013 Jul 6, 5:39am  ↑ like (3)   ↓ dislike   quote    

14   lostand confused   215/215 = 100% civil   2013 Jul 6, 5:46am  ↑ like (1)   ↓ dislike   quote    

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   9/9 = 100% civil   2013 Jul 6, 6:30am  ↑ like (1)   ↓ dislike (1)   quote    

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     2013 Jul 6, 7:14am  ↑ like (1)   ↓ dislike   quote    

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   611/611 = 100% civil   2013 Jul 6, 8:21am  ↑ like (2)   ↓ dislike   quote    

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   9/9 = 100% civil   2013 Jul 6, 8:33am  ↑ like (1)   ↓ dislike (1)   quote    

tough looking for a house with a full time job!

19   HydroCabron     2013 Jul 6, 8:45am  ↑ like (1)   ↓ dislike (1)   quote    

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   smaulgld   9/9 = 100% civil   2013 Jul 6, 9:56pm  ↑ like (1)   ↓ dislike (1)   quote    

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?

21   adarmiento     2013 Jul 6, 10:04pm  ↑ like   ↓ dislike   quote    

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 !

22   smaulgld   9/9 = 100% civil   2013 Jul 7, 12:52am  ↑ like (2)   ↓ dislike (1)   quote    

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

23   adarmiento     2013 Jul 7, 9:51am  ↑ like   ↓ dislike   quote    

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.

24   smaulgld   9/9 = 100% civil   2013 Jul 7, 10:16am  ↑ like (1)   ↓ dislike (1)   quote    

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

25   smaulgld   9/9 = 100% civil   2013 Jul 7, 9:56pm  ↑ like (1)   ↓ dislike (1)   quote    

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

26   smaulgld   9/9 = 100% civil   2013 Jul 7, 11:49pm  ↑ like (1)   ↓ dislike (1)   quote    

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

27   smaulgld   9/9 = 100% civil   2013 Jul 8, 1:41am  ↑ like (1)   ↓ dislike (1)   quote    

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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