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by
Rick Moran

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April 6, 2013 - 6:33 am
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It is amazing just how wrong economists were in their predictions for the number of jobs that were to be created in March. The “consensus” figure was 200,000 — a far cry from the actual number created which was 88,000. Totally “unexpected,” as usual.

In one way, you can’t blame them. After a better than average gain in February of 236,000 (revised upward this month to 268,000), along with some positive numbers in housing and consumer spending, there were no doubt many analysts who began breathing a sigh of relief and believing that the long-awaited jobs recovery was upon us.

According to the New York Times, the experts didn’t account for a few realities that are beginning to shape our “new” economy:

“It’s important to look at the types of jobs that are being created because those jobs will directly affect the fortunes and challenges of households and neighborhoods as well as the course of the recovery,” said Sarah Bloom Raskin, a member of the Federal Reserve Board, in a recent speech. [...]

Ms. Raskin also expressed concern about temporary-help jobs, which account for a growing share of total employment.

Usually an increase in temp hiring is considered a good thing, at least at the start of a recovery, since it indicates that employers are thinking about taking on permanent workers. So far, though, employers seem to be sticking with those temporary contracts.

“Temporary help is rapidly approaching a new record,” said Diane Swonk, chief economist at Mesirow Financial, who noted that there was also a rapid increase in temp hiring during the boom years of the ‘90s. “That of course means more flexibility for employers, and less job security for workers.”

Perhaps most distressingly, millions of workers who want full-time work still can find only part-time work, and their missing work hours do not count toward the official unemployment rate.

Nearly 10% of the workforce is what the BLS calls “employed part-time for economic reasons.” That is to say, either their hours were cut or they were forced into part-time work because they couldn’t find full-time employment. According to Gallup, the percentage of part-time workers who want full time work but can’t find any is the same as it was in March, 2012. There are about 3 million temporary workers who also are not counted as unemployed.

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Top Rated Comments   
Obama's "new normal" economy is "normal" in the sense of Marilyn Manson.

It's ugly...and it plays up its ugliness as a feature to sell.

First, we can't get an honest answer about anything in this administration and we have conspiratorial press that has abandoned its post. We not only aren't told the truth about how our money is being spent, they don't even bother to pretend to pass a budget to show us. And the media yawns.

Employment...not "unemployment" ought to be the gauge. Man hours worked in a 40 hour week, not some phony miscounting of people who have permanently stopped looking or have taken a paper route to buy a loaf of bread.

Common sense is completely out the window under this lawless Presidency.

The REAL number of Americans who are not working fully...is over 1/3 of the workforce. And, it is high time we stop BS'ing ourselves about why that is.

Rampant, runaway leftism is destroying the globe. We are the last great gasp of hope. And, I fear...we lack the courage and the clarity to do a damn thing about it.
1 year ago
1 year ago Link To Comment
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All Comments   (9)
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Normally, one could say that a message might be sent in 2014 but through whom? Does anyone really believe that the Republican Party is an attractive or viable alternative in the minds of many Americans? Pepople have not forgotten the last Republican majority from 2001-2006 and the rampant spending of that group. Why would voters believe that their situation will improve by returning the GOP to true power? The employment situation in the US is in one heck of a pickle and will be until the nation at large comes to the realization that there is no "painless " way to re-build our economic structure until we develop a "new model." By employing the "garbage in-garbage out" approach at election time, all we are going to get is garbage.
1 year ago
1 year ago Link To Comment
FWIW, I had the story on this quite some time ago:

http://1389blog.com/2012/11/29/the-biggest-economic-story-of-2013-disappearance-of-full-time-jobs-with-benefits/

Matter of fact, I predicted the fact that there would be no recovery, all the way back in 2008:

1389blog.com/2008/12/09/when-small-men-cast-long-shadows/

A lot of good THAT did. Saying "I told you so" too many times is a dangerous temptation to the sin of despair.

Which is why I'm in the process of emigrating. Let's just say I'm going to look for those jobs that were shoved out of the US by one bad US administration after another. After Reagan left office, they have all been very bad indeed, and the current one is truly evil.
1 year ago
1 year ago Link To Comment
It's going to get bad before it gets worse!
1 year ago
1 year ago Link To Comment
1 year ago
1 year ago Link To Comment
The voters who pulled the lever for Democrat politicians will now get to enjoy the fruit of Democrat policies.

They will, of course, find a way to blame others.

1 year ago
1 year ago Link To Comment
The post economy will consist of riots wreckage and ruin.
1 year ago
1 year ago Link To Comment
It's also called "the European economy".

1 year ago
1 year ago Link To Comment
...."equal in our misery"...no, Mercedes just had a record month...there are millions of people out there who have already "got theirs", or are "getting theirs"...the high end resorts in vegas are booming, I stay in contact with my friends in the Caribbean and their charter service is booming... 2 mind sets, 1 in trouble, the other not a care about money or regulation
1 year ago
1 year ago Link To Comment
Obama's "new normal" economy is "normal" in the sense of Marilyn Manson.

It's ugly...and it plays up its ugliness as a feature to sell.

First, we can't get an honest answer about anything in this administration and we have conspiratorial press that has abandoned its post. We not only aren't told the truth about how our money is being spent, they don't even bother to pretend to pass a budget to show us. And the media yawns.

Employment...not "unemployment" ought to be the gauge. Man hours worked in a 40 hour week, not some phony miscounting of people who have permanently stopped looking or have taken a paper route to buy a loaf of bread.

Common sense is completely out the window under this lawless Presidency.

The REAL number of Americans who are not working fully...is over 1/3 of the workforce. And, it is high time we stop BS'ing ourselves about why that is.

Rampant, runaway leftism is destroying the globe. We are the last great gasp of hope. And, I fear...we lack the courage and the clarity to do a damn thing about it.
1 year ago
1 year ago Link To Comment
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