The U.S. economy lost hundreds of thousands of full-time jobs in August, a change that suggests the country is experiencing a large-scale loss of high-paying jobs.
The country saw a decline of 438,000 full-time jobs in August, but the net job gain for the month was due to an increase in part-time employment. According to According to data released on Friday by the Bureau of Labor Statistics, the number of part-time employees increased by 527,000 in August, and the number of people who wanted full-time employment but had to settle for part-time work rose from 4.2 million to 4.8 million from a year ago. (Related article: Manufacturing jobs continue to fall despite Biden administration handing out hundreds of billions of dollars in subsidies)
“Weak demand and increased uncertainty are causing employers to cut full-time jobs, a move that companies often make as the economy heads toward a recession,” EJ Antoni, a research associate at the Heritage Foundation's Grover M. Herman Federal Budget Center, previously told DCNF. “The Biden-Harris administration has turned the U.S. labor market into a temp agency.”
All of August's net job gains were part-time jobs (+527k) while full-time jobs plummeted (-438k). High paying jobs with benefits are being emptied in droves and replaced with multiple part-time jobs. These pay increases are a sign of poverty, not growth. pic.twitter.com/w9vK0uRXOU
— Dr. EJ Antoni (@RealEJAntoni) September 6, 2024
According to BLS data, the United States saw 1.02 million fewer full-time jobs and 1.06 million more part-time jobs compared to the previous year.
The change suggests the quality of available jobs is declining, as part-time workers typically receive lower pay, fewer benefits, and less overtime pay. According to To OnTheClock.
The Biden administration touted its job creation record at a press conference. release On Friday after the BLS data was released, [their] Our economic rescue efforts have created approximately 16 million new jobs.”
The White House did not immediately respond to a request for comment.
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