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Tiagong AMDK overstate their huat la huat la job data since 2022....Part Time job is counted as Full Time Job, Kym?
- Thread starter k1976
- Start date
The first red flags emerged in the summer of 2022: that's when the Biden Labor Department started well and truly rigging the labor market data.
Regular readers may recall that it was back in July of 2022, when we first warned them that something had snapped in the labor market: that's when a staggering discrepancy emerged between the number of Payrolls (as measured by the BLS' Establishment Survey, a far more crude and imprecise, yet much more market-moving data series), and the number of actual Employed Workers (as measured by the BLS' far more accurate Household Survey). As we showed at the time, after the two series had tracked each other tick for tick, a gap opened in March 2022 which quickly grew to 1.5 million jobs in just 3 months...
... and has since exploded to a whopping gap of 5 million "jobs" that apparently do not exist.
And while some of this discrepancy could be explained with the record surge in multiple jobholders, which increased by 1 million since March 2022 to an all time high of 8.6 million at the end of 2023 (as a reminder, the Establishment Survey counts 1 worker have 2 or 3 (or more) multiple jobs as, well, 2 or 3 (or more) separate jobs, even if it is just one worker trying to make ends meet under the roaring inflation of Bidenomics), most of the gap remained unexplained.
Regular readers may recall that it was back in July of 2022, when we first warned them that something had snapped in the labor market: that's when a staggering discrepancy emerged between the number of Payrolls (as measured by the BLS' Establishment Survey, a far more crude and imprecise, yet much more market-moving data series), and the number of actual Employed Workers (as measured by the BLS' far more accurate Household Survey). As we showed at the time, after the two series had tracked each other tick for tick, a gap opened in March 2022 which quickly grew to 1.5 million jobs in just 3 months...
... and has since exploded to a whopping gap of 5 million "jobs" that apparently do not exist.
And while some of this discrepancy could be explained with the record surge in multiple jobholders, which increased by 1 million since March 2022 to an all time high of 8.6 million at the end of 2023 (as a reminder, the Establishment Survey counts 1 worker have 2 or 3 (or more) multiple jobs as, well, 2 or 3 (or more) separate jobs, even if it is just one worker trying to make ends meet under the roaring inflation of Bidenomics), most of the gap remained unexplained.
There was more: it was around the summer of 2022 that the Biden labor department - in its zeal to show job growth no matter the cost, or quality of jobs - also started fooling around with the composition of the labor market, with most of the monthly gains going to part-time workers, even as full-time workers stagnated or declined. The culmination, as we reported earlier this month, is that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Which is great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).
In other words, starting in 2022 and accelerating to present days, less and less full-time jobs were added, until we got to the absurd situation that all the new jobs in the past year have been part-time jobs!
And then there was, of course, the great jobs replacement theory, only as we first showed well over a year ago, it wasn't a theory but practice, and following countless months in which native-born workers lost their jobs, including a near-record 3-month plunge to start 2024...
... offset by a record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February...
In other words, starting in 2022 and accelerating to present days, less and less full-time jobs were added, until we got to the absurd situation that all the new jobs in the past year have been part-time jobs!
And then there was, of course, the great jobs replacement theory, only as we first showed well over a year ago, it wasn't a theory but practice, and following countless months in which native-born workers lost their jobs, including a near-record 3-month plunge to start 2024...
... offset by a record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February...
https://www.straitstimes.com/business/job-hopping-lost-bounce-in-2023-drops-back-to-2017-level
SINGAPORE – Jumping ship has gone out of fashion among local workers with job switching at its lowest level in six years.
Only 14.7 per cent of workers changed jobs in the past two years, a rate not seen since 2017.
The chances of landing a new post have dimmed due to the weaker economic environment, despite a tight labour market
Businesses started to broaden their focus beyond monetary compensation, considering factors like overall professional development, career progression plans, corporate culture and hybrid work arrangements,” she noted.
“This might have a positive impact on retention.”
SINGAPORE – Jumping ship has gone out of fashion among local workers with job switching at its lowest level in six years.
Only 14.7 per cent of workers changed jobs in the past two years, a rate not seen since 2017.
The chances of landing a new post have dimmed due to the weaker economic environment, despite a tight labour market
Businesses started to broaden their focus beyond monetary compensation, considering factors like overall professional development, career progression plans, corporate culture and hybrid work arrangements,” she noted.
“This might have a positive impact on retention.”
Grab ish a high pay good tech job, leemember?
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