A “Surge” in Job Creation? Don’t Buy That 2-Chicken Pot Just Yet. March 8, 2013Posted by geoff in News.
You may be feeling a little cognitive dissonance this morning, given that while we see obvious signs that the economy is still struggling, today’s jobs report looked kind of rosy. In fact the press is giddy like a Dem eyeing your 401K account:
Job Creation Surges as Rate Falls to 7.7%
Job creation broke out in February, with the economy creating a net 236,000 new jobs as the unemployment rate fell to 7.7 percent.
Private job creation stood at a robust 246,000, finally indicating that the economy may be ready to escape the tight growth range in which it has been held since the financial crisis.
Are the numbers really that good? Not by the metric I’ve been using:
That job creation “surge” certainly didn’t affect the % of the full-time employed, which actually dipped a little bit.
Last month saw 300K people added to the non-working rolls, and an increase of only 170K jobs (Household data). Part-time jobs increased by 450K, so there was a net loss of full-time jobs.
I don’t know if the economy will continue to shift toward part-time employment (Thanks, Obamacare!!), but I certainly hope not. This ratio of non-workers & part-timers to full-timers is unsustainable (witness our deficits).