Reason For Yesterday's Unemployment Rate Plunge: Part-Time Jobs For Economic Reasons Surge Most

We already noted the absolutely stunning surge in reported Household Survey jobs which "added" 873,000 jobs, or the most since 2003 and the second most in the past decade, which was just a little bit off the Household Survey used in the monthly NFP jobs changes, which came at 114,000, or about 8 times less. But what was the reason for this epic jump in Household survey jobs? Simple, and those who have read our series on America's transition to a part-time worker society know the answer. The reason is that the number of part-time people employed for economic reasons soared by 582,000 to 8,613,000, the most since October 2011, and the largest one month jump since February 2009, when "restoring" confidence in the economy was all the rage... and just before the Fed announced the full blown QE1 in March of 2009. Odd symmetry.

www.zerohedge.com...

Yep, there you go everyone. Our unemployment is down... because we added more low-paying jobs. So now you have to work 2 jobs in order to live the life you used to have with 1.

Thank you Obama, 4 more years!

And I suppose you'd be super excited if Romney got elected and you'd have to work 4 low paying jobs instead of two? Just what exactly is it you expect any President to do about wage stagnation? As long as you elect Presidents that believe in and promote free trade depressed wages will be the result. News Flash!!! the job creators both candidates tell us about are a myth. Job creation is the byproduct of demand, if the consumer has less to spend then there will be less job creation. The problem is imbalanced trade, and a corporate culture that demands more and more productivity out of the worker without rewarding that productivity. Only one of those conditions is something the Government can act on.