OPINION: November jobs report was not a blowout, it was a big disappointment
The double-counting can occur for different reasons, such as people holding multiple jobs. Many people are getting second jobs to deal with inflation, but the household survey counts those people as employed -- just like when they had one job. However, the establishment survey counts each additional job that a person gets as another payroll.
The economy has been hemorrhaging full-time jobs, losing almost half a million since May. That equates to an average loss of over 2,600 full-time jobs per day.are counted in the household survey, but not the establishment survey. But inflation has caused many small businesses to close over the last two years, and there has been a trend for the self-employed to go work for large corporations.
Meanwhile, the economy has been hemorrhaging full-time jobs, losing almost half a million since May. That equates to an average loss of over 2,600 full-time jobs. This is particularly ominous because businesses’ preferences often shift from full-time to part-time hiring before transitioning to layoffs in times of uncertainty.The manufacturing sector offers further evidence of this tumult.
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