America hemorrhages full-time jobs as part-time work positions soar
Employers shedding workers in ‘common behavior’ when economy heads into recession
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.
“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.
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.
This story originally was published by the Daily Caller News Foundation.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected].
SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!
Originally Published at Daily Wire, World Net Daily, or The Blaze
What's Your Reaction?
