More Americans are having to take part-time jobs as consumers struggle with economic factors like high inflation, while full-time employment has sunk in tandem, according to data from the Bureau of Labor Statistics (BLS).
Around 133,196,000 workers were employed with full-time jobs in the U.S. in December, which was down from 134,727,000 in November — a drop of more than 1.5 million, according to the BLS. During that same time frame, the number of Americans employed in part-time positions rose by 762,000, while the number of people with multiple jobs increased by 222,000. (RELATED: Banks Making Easy Money Off Crisis Gov’t Program Designed To Bail Them Out)
“The large and somewhat sudden shift from full-time to part-time work is alarming,” Peter Earle, an economist at the American Institute for Economic Research, told the Daily Caller News Foundation. “That and the record number of individuals working multiple jobs is a major concern from the perspective of financial fragility, the sustainability of consumption, and tax receipts at the state and federal levels. There are now 8.69 million Americans with multiple jobs. What’s particularly troubling about this is that because in the vast majority of cases, a second or third job is off-the-books, the actual number of individuals with multiple jobs is probably much, much higher than the Bureau of Labor Statistics is reporting.”
The number of people employed part-time for economic reasons, meaning that their hours were cut below 35 per week following business slowdowns or they could only find part-time employment despite wanting a full-time job, increased by 217,000 from November to December, according to the BLS.
Consumers are facing pressure to get more than one job because of factors like high inflation, with prices having risen over 17% since President Joe Biden took office in January 2021. In turn, Americans have increasingly used debt to make up the differences as real wages lag, resulting in the aggregate debt held by Americans in 2023 exceeding $1 trillion for the first time ever.
Another “blockbuster” jobs report as half a million imaginary jobs are revised away and another 700,000 Americans drop out of the labor force.
Meanwhile, the economy lost 1.5 million full-time jobs — in a single month. Replaced by gig work, Doordash, and government jobs.
All… pic.twitter.com/iFABXloil1
— Peter St Onge, Ph.D. (@profstonge) January 9, 2024
The labor market was not as strong as initial estimates indicated in 2023, with the number of jobs added being revised down by a total of 749,000 through various revisions. The country added a modest 2.7 million jobs during the year, with initial estimates totaling around one-quarter higher.
The BLS announced Friday that the country added 216,000 nonfarm payroll jobs during December, while the unemployment rate remained at 3.7%. Job growth for the month was concentrated in the government, health care and leisure and hospitality sectors.
“A record number of US citizens having more than one job makes it readily apparent that three years of rapidly rising prices, surging interest rates, contracting credit, and spotty economic growth are generating significant financial hardship,” Earle told the DCNF. “The fact that American politicians in the executive and legislative branches are telling citizens that what they see and feel somehow isn’t real is an unmistakable indication of just how lousy the US economy is for many.”
The White House did not immediately respond to a request to comment from the DCNF.
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