Part Time for Economic Reasons Hits 9 Million
Submitted by
CalculatedRisk on Fri, 04/03/2009 - 5:11am (34 comments)
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I guess that these numbers aren't as heavily spun as unemployment. But Shadowstats doesn't have this data out for next-to-no-income folks like me, so I don't know.
we're all part-time now
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CRCizer: Part Time for Economic Reasons Hits 9 Mi... <br/><br/><br/> And for the stubborn old-timers... it's also been HALO-IZED by CRbot.
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The Latest from Denninger:
Eric Holder: LIAR?
Is white collar crime code for putting more white people in jail. Let's face it. The real damage done here was by the top 1% of these clowns in finance. The rest were just worker bees trying to keep their jobs.
BOSTON (MarketWatch) -- Mortgage giants Fannie Mae (FNM:
<div class="t27 companyName">Fannie Mae </div>
<div class="t27 companyName">What is the bigger story this smoke screen is trying to cover up?</div>
expect to pay about $210 million in retention bonuses to 7,600 employees over a year and a half, The Wall Street Journal reported Friday. The top retention bonus for any individual executive under the plan will total $1.5 million during the 18 months ending in early 2010, according to the report, which cited a letter from the mortgage firms' regulator
1099 work falls into this bucket.
I think this economy is shovel-ready, as in a few associates have decided to take it on a nice drive into the middle of a Jersey corn-field...
And the part-timers consider themselves fortunate.
Okay, enough kvetching for one day. I'm going to admire the crocuses. They give meaning right about now.
I think that beginning this month the Dept of Labor should start using the new GAAP rules for Mark to Market in their reporting too. So if in a few years they expect unemployment to be back at 4%, they can adjust their current count to reflect 4%. Because it would be unfair to characterize the current unemployment based upon a short term problem.
Rate of rise...nearly asymptotic. These graphs are amazing.
The Latest from Ritholz:
NFP Falls 663k
Simian,
Completely agree. We need to make the numbers match our expectations, since our expectations are in fact the reality that must be imposed upon the external world, and as long as we think positive, it will tranform this polished turd of an economy into chocolate mousse.
--bh
Mad Mullah:
Rate of rise...nearly asymptotic. These graphs are amazing.
Not for nothing Counterpointer calls it the Manic Depression. People are looking for a bottom but they haven't even been hit by the first wave of secondary effects yet.
Don't you guys know? There are no homos in Iran and nobody is unemployed in the USofA. They are just called "Proud Member of American Workforce Reserve Pool" (PMAWRP).
This is going to get much worse. The recent cheerleading will make the next leg down even worse psychologically for the masses.
New Thread: Employment: Comparing Recessions and Diffusion Index
http://www.calculatedriskblog.com/2009/04/employment-comparing-recessions-and.html ( 0 comments ...You could be FIRST! )
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What is up with the data from 1993 to 1994? Was there a revision in methodology? How could the number have dropped so quickly?
Pent up demand. The media was broadcasting that the economy was in the crapper right through the '92 election, even though the recession had ended almost a year before. After Clinton's inaurguration, they changed their tune, and the hiring and conversion back to full time took off. Those folks should have been working full time already, but everyone was scared to hire due to fearmongering in the media. Also, the dot.com thing was getting ready to take off.
Fannie paying bonuses is incomprehensible. They are fully government enterprises for the foreseeable future, and their employees should be paid on the same scale as the Fed or Treasury. Whoever made that decision seriously deserves to have their head on a pike for public display.
Oh, you incorrigble whiners. Didn't you check out the B-1 table from the BLS?
The count of government workers held steady again last month, at 22,538,000. In fact, the government worker population is actually higher now than it was in December 2007, when this so-called "recession" started.
All we have to do is give everyone a government job, and our unemployment rate will never go up. Bada-bing! Problem solved.
Meanwhile, private-sector unemployment has gone from 5.4% in 12/07 to 10.0% in this past month. But hey, someone's gotta feel the pain, right?
( - This is the only "unemployment" figure I truly trust, and I have to calculate it myself.) But really,
Aon:
What is up with the data from 1993 to 1994? Was there a revision in methodology? How could the number have dropped so quickly?
Quoted for emphasis.
"..then not only is AIG culpable, so is their counterparty, which means that Mr. Holder"....has to prosecute the very same people that control his boss.
Yes, and THAT'S precisely why it won't happen. The bankers have bought and paid for the ruling class now on the hill.
"Fannie paying bonuses is incomprehensible. They are fully government enterprises for the foreseeable future, and their employees should be paid on the same scale as the Fed or Treasury. Whoever made that decision seriously deserves to have their head on a pike for public display."
UNL raises Bo Pelini Head football coach 9-4 record got a insane raise to 1.851 MM. Public money in a state where wages are $35K. Where is OB's Outrage when students are faced with rising tution coast? Double standard again?
A good football coach pays for himself directly with increased revenues at games and increased alumni donations, and he's fired mercilessly if he has a bad season.
Fannie and Freddie execs? Not so much.
Cheers,
prat
This chart is amazing. "And the rapid increase is stunning..." may be a understatement. One has to wonder if/when these people become totally unemployed as their current status is probably due to tenuous economic conditions.
r
Is white collar crime code for putting more white people in jail.
I can't see more whites in jail as a bad thing. The statistics seem to indicate they are a profoundly underserved population by the prison lobby.
Probably because working in the prison-industrial complex is a white entitlement. Don't believe me, just try to cut the budget for negro control and see what happens when you get near the third rail.
Anyway, we should end segregating in what is obviously America's key institution, judging by dollars squandered and hot air expelled. We need a lot more whites in jail and permanently consigned to the felon class of limited-rights iondividuals, so that they can share the suffering everyone else got at their hands.
The rest were just worker bees trying to keep their jobs.
I don't care if you were a good German, get in the cage with the hungry tortured animals you made out of your fellow citizens. Mayube you could hav considered doing the right thing some time before you reached the foot of the gallows. Everyone is repentant here, and it availeth them not.
"The bankers have bought and paid for the ruling class now on the hill."
With OUR money, since they have run out of their own. Recipients of Federal funds and AIG counter-parties, should be banned from contributing to campaigns.
could you adjust this to working age population?
CRAP...Now I can't even get a job at HD or Wal Mart part time! Guess it's back to the Gov't tit.
I'm sure those part-time jobs pay enough for a down payment on a house. No problem, right?
Does this include people who would rather NOT be working (retirees, parents with kids) who have had to return to the workforce part-time to make ends meet?
Does this include people who would rather NOT be working (retirees, parents with kids) who have had to return to the workforce part-time to make ends meet?
i'm pretty sure that the number of people who would rather not be working, but have to for economic reasons, is a fairly steady 98% of the people working.
don't panic. in 100 years it is all over.