As consumers struggle with high inflation and other economic factors, more Americans are having to work part-time, while full-time employment has declined along with it, according to data from the Bureau of Labor Statistics (BLS). It is said that they are doing so.
U.S. full-time employment in December was about 133,196,000, down from 134,727,000 in November, a decrease of more than 1.5 million. according to To BLS. Over the same period, the number of Americans employed in part-time jobs increased by 762,000, and the number of people with multiple jobs increased by 222,000. (Related: Banks profiting easily from crisis, government programs aimed at relief)
“The large and somewhat abrupt transition from full-time to part-time work is concerning,” Peter Earle, an economist at the National Bureau of Economic Research, told the Daily Caller News Foundation. “This, along with the record number of individuals juggling multiple jobs, is a major concern in terms of fiscal vulnerability, consumption sustainability, and tax revenue at the state and federal level. Currently, 869 Millions of Americans hold more than one job. What's particularly problematic about this is that in most cases, the second or third job is off the books, so The actual number is likely much higher than what the Bureau of Labor Statistics reports.”
The number of people employed part-time for economic reasons, that is, the number of people who have had their working week reduced to less than 35 hours due to the economic downturn, or who would like to work full-time but can only find part-time employment. The number of people increased by 217,000 from November to December. According to BLS.
Prices have risen more than 17% since President Joe Biden took office in January 2021, and consumers are under pressure to take on multiple jobs due to factors such as high inflation. As a result, Americans are increasingly using debt to make up the difference in real wages. As a result, in 2023, the total debt owed by Americans will exceed $1 trillion for the first time.
Another “blockbuster” jobs report released as 500,000 fictitious jobs are revised and 700,000 more Americans drop out of the workforce.
Meanwhile, the economy lost 1.5 million full-time jobs in one month. It has been replaced by gig work, DoorDash, and government jobs.
all… pic.twitter.com/iFABXloil1
— Dr. Peter St. Onge (@profstonge) January 9, 2024
The labor market in 2023 was not as strong as initially expected, and the number of additional jobs was revised downward by a total of 749,000 people due to various revisions. The country added a modest 2.7 million jobs that year, an increase of about a quarter from the original estimated total.
The BLS said Friday that the country added 216,000 nonfarm payrolls in December, and the unemployment rate remained at 3.7%. Employment growth for the month was concentrated in the government, health care, and leisure services sectors.
“With a record number of Americans holding multiple jobs, the past three years of rapidly rising prices, soaring interest rates, the credit crunch, and uneven economic growth have created a serious economic crisis,” Earle told DCNF. It is readily apparent that this is creating a predicament.” “The fact that America's politicians in the executive and legislative branches are telling the public that what they see and feel is somehow not real is a sign of how bad the American economy is for many people. It clearly shows how bad it is.”
The White House did not immediately respond to a request for comment from DCNF.
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