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Reason For Today’s Unemployment Rate Plunge: Part-Time Jobs For Economic Reasons Surge Most Since QE1 Announcement

Posted By yihan On October 5, 2012 @ 7:28 am In Money Watch | Comments Disabled

ZeroHedge [1]
October 5, 2012

We already noted the absolutely stunning surge in reported Household Survey jobs which “added” 873,000 jobs, or the most since 2003 and the second most in the past decade, which was just a little bit off the Household Survey used in the monthly NFP jobs changes, which came at 114,000, or about 8 times less. But what was the reason for this epic jump in Household survey jobs? Simple, and those who have read our series on America’s transition to a part-time worker society know the answer. The reason is that the number of part-time people employed for economic reasons soared by 582,000 to 8,613,000 [2], the most since October 2011, and the largest one month jump since February 2009, when “restoring” confidence in the economy was all the rage… and just before the Fed announced the full blown QE1 in March of 2009. Odd symmetry.

Reason For Todays Unemployment Rate Plunge: Part Time Jobs For Economic Reasons Surge Most Since QE1 Announcement Part%20Time%20Workers%20Economic%20Reasons 0 0 [3]

So putting it all together, what does this mean for the true state of the US economy? Recall back in September one of our Charts of the Day [4]was the number of Unemployed and Underemployed for the month of August, which was 25.8 million. Readers may be surprised to learn that when putting it all together, in September this number increased to 26.2 million.

Reason For Todays Unemployment Rate Plunge: Part Time Jobs For Economic Reasons Surge Most Since QE1 Announcement employed%20underemployed 0 [5]

Q.E.D.

 


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URLs in this post:

[1] ZeroHedge: http://www.zerohedge.com/news/2012-10-05/reason-todays-unemployment-rate-plunge-part-time-jobs-economic-reasons-surge-most-qe

[2] 582,000 to 8,613,000: http://www.bls.gov/news.release/empsit.t08.htm

[3] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/09-2/Part%20Time%20Workers%20Economic%20Reasons_0.jpg

[4] Charts of the Day : http://www.zerohedge.com/news/chart-day-25792000-unemployed-and-underemployed

[5] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/09-2/employed%20underemployed.jpg

[6] Obamacare Strikes: Part-Time Jobs Surge To All Time High; Full-Time Jobs Plunge By 240,000: http://www.prisonplanet.com/obamacare-strikes-part-time-jobs-surge-to-all-time-high-full-time-jobs-plunge-by-240000.html

[7] Find A Job? Good Luck In This Economy – 10 Reasons Why The Latest Unemployment Numbers Are No Reason To Cheer: http://www.prisonplanet.com/find-a-job-good-luck-in-this-economy-%e2%80%93-10-reasons-why-the-latest-unemployment-numbers-are-no-reason-to-cheer.html

[8] As 1.3 Million Americans Are About To Lose Their Jobless Benefits This Week, The Unemployment Rate Will Surge To 10.5%: http://www.prisonplanet.com/as-1-3-million-americans-are-about-to-lose-their-jobless-benefits-this-week-the-unemployment-rate-will-surge-to-10-5.html

[9] U.S. unemployment soars to 9.6% after economy loses 54,000 jobs: http://www.prisonplanet.com/u-s-unemployment-soars-to-9-6-after-economy-loses-54000-jobs.html

[10] Unemployment Rate Will Peak at 7.5%: NABE: http://www.prisonplanet.com/unemployment-rate-will-peak-at-75-nabe.html

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