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The Curious Case of the Part Time Worker: The BLS Jobs Report Covering September 2012
By Hugh, who is a long-time commenter at Naked Capitalism. Originally published at Corrente.
In September’s report, we are presented with two contradictory numbers. An uninspiring 114,000 jobs
were created versus a stellar three-tenths of a percent decline in
unemployment to 7.8%. Basically, what we had was an anomalous spike in
employment in September of 873,000. This was made up of 456,000
unemployed. A tenth percent change in unemployment represents about
150,000 people. Three-tenths would come to about 450,000. So that
checks. The September employment spike also includes some 418,000
people entering the labor force. The main driver of the spike appears
to be a 582,000 increase in involuntary part time workers.
In September’s report, we are presented with two contradictory numbers. An uninspiring 114,000 jobs
were created versus a stellar three-tenths of a percent decline in
unemployment to 7.8%. Basically, what we had was an anomalous spike in
employment in September of 873,000. This was made up of 456,000
unemployed. A tenth percent change in unemployment represents about
150,000 people. Three-tenths would come to about 450,000. So that
checks. The September employment spike also includes some 418,000
people entering the labor force. The main driver of the spike appears
to be a 582,000 increase in involuntary part time workers.
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