It Wasn’t All Great News: Multiple Jobholders Soar To Record High

Friday, July 5, 2019
By Paul Martin

by Tyler Durden
Fri, 07/05/2019

While the headline payrolls number was stellar, coming in higher than even the most optimistic Wall Street forecast, one aspect of today’s jobs report that will likely become a major talking point for Democrats and other critics of the Trump economy, is that the number of multiple-jobholders soared from 7.855 million to 8.156 million, a monthly surge of 301,000 – the biggest since July 2018, and an indication that the jobs number was far weaker than the headline represents if one excludes all those workers who represented two jobs to the BLS’ various surveys.

Yet even this number had its silver lining, because while the Establishment Survey’s 224K increase was impressive, and the best monthly print since January, at the same time the BLS reported that the number of Full-Time workers soared by 453K, a dramatic reversal to the trend so far in 2019, where 218K full time jobs had been lost in the January – May period. At the same time part-time jobs tumbled by 174K in June, sending the part-time total for the first half to -187K, with most of the improvement thanks to the June number.

To summarize: June saw a surge in full-time jobs, as total US employment hit a record high of 157 million workers, however virtually all of this increase was due to workers being forced to get a second (or third, or fourth) job, double- (and triple-)counting those who can no longer make ends meet on one job alone.

In other words, enough ammo for both Republicans and Democrats to praise/slam the Trump economy.

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