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Home»Business»‘Sign Of Impoverishment’: Part-Time Jobs Continue To Soar As US Economy Hemorrhages Full-Time Gigs
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‘Sign Of Impoverishment’: Part-Time Jobs Continue To Soar As US Economy Hemorrhages Full-Time Gigs

September 6, 2024No Comments2 Mins Read
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The U.S. economy lost hundreds of thousands of full-time jobs in August in a shift that suggests the U.S. is hemorrhaging higher-paying jobs.

The country lost 438,000 full-time jobs in August, with the month’s net job growth coming entirely from gains in part-time employment, according to Bureau of Labor Statistics (BLS) data released Friday. The number of part-time jobs rose 527,000 in August, while the number of people who would have preferred full-time employment but were forced to settle for part-time work rose from 4.2 million to 4.8 million year-over-year. (RELATED: Manufacturing Jobs Continue To Dwindle Despite Biden Admin Allocating Hundreds Of Billions In Subsidies)

“Employers have been shedding full-time jobs because of lackluster demand and increased uncertainty. This is a very common behavior by firms as the economy heads into recession,”  E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, previously told the DCNF. “The Biden-Harris administration has turned the American labor market into a temp agency.”

All of the net job growth in Aug was part-time employment (+527k), while full-time jobs plummeted (-438k); we’re hemorrhaging higher-paying jobs w/ benefits and replacing them with multiple part-time ones – these higher payroll numbers are a sign of impoverishment, not growth: pic.twitter.com/w9vK0uRXOU

— E.J. Antoni, Ph.D. (@RealEJAntoni) September 6, 2024

Year-over-year, the U.S. lost 1.02 million full-time jobs while adding 1.06 million part-time jobs, BLS data shows.

The shift suggests the quality of available jobs is declining, as part-time employees typically receive lower salaries, fewer benefits and less overtime pay, according to OnTheClock.

See also  Indonesian Parliament Passes Emergency Jobs Regulation

The Biden administration touted its job creation record in a press release Friday following the release of the BLS data, remarking that “thanks to [their] work to rescue the economy, nearly 16 million new jobs have been created.”

The White House did not immediately respond to a request for comment.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Continue Economy Fulltime Gigs Hemorrhages Impoverishment Jobs PartTime sign soar
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