Record 1.2 Million People Fall Out Of Labor Force In One Month

Posted By on February 3, 2012

The devil’s in the details, read it and weep!

 

Non Farm Payrolls Soar By 243K, Unemployment Rate Drops To 8.3%

Whopper of a NFP (non farm payroll) number, which prints at 243K, higher than the biggest forecast of 225K, on consensus expectations of 140K, the biggest jump since February 2009.

But the devil’s in the details…….

As is well known, banks have been firing workers left and right: these are the jobs that actually matter in the grand withholding taxes scheme of things. Yet someone is getting hired supposedly. Well, it seems this is merely rotation from high paying jobs to “low-wage jobs.”  Here’s what CRT Capital says. Per Bloomberg: About 113k of NFP gain from “low wage jobs,” David Ader, strategist at CRT Capital Group, writes in note. Additionally, “we didn’t see the drop in courier and messengers as expected – but suspect we will.” Moreover, ‘‘long-term stress remains at the U6 measure at 15.1% is still high, but likely falling due to people leaving labor force, and duration on unemployment remains over 40 weeks.”

Then we read…..about a new record just set!

People not in the labor force exploded by an unprecedented record 1.2 million. No, that’s not a typo: 1.2 million people dropped out of the labor force in one month! So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS (U.S. Bureau of Labor Statistics)  is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation. As for the quality of jobs, as withholding taxes roll over Year over year, it can only mean that the U.S. is replacing high paying FIRE jobs with low paying construction and manufacturing. So much for the improvement.

The Final Nail In Today’s NFP: Record Surge In Part-Time Workers

 

So finally we go to the Household Data Survey, and specifically the breakdown between Full Time and Part Time Workers (defined as those “who usually work less than 35 hours per week”). We won’t spend too much time on it, as it is self-explanatory. In January, the number of Part Time workers rose by 699K, the most ever, from 27,040K to 27,739K, the third highest number in the history of this series. How about Full time jobs? They went from 113,765 to 113,845. An 80K increase. So the epic January number of 141.6 million employed, which rose by 847K at the headline level: only about 10 % of that was full time jobs: surely a questionable indicator of the so called resurgent U.S. economy… in which employers can’t even afford to give their workers full time employee benefits.

www.zerohedge.com

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