/biz/ - Business & Finance

https://www.zerohedge.com/markets/inside-todays-jobs-report-885000-full-time-jobs-lost-offset-1127-million-part-time-jobs
>Inside Today's Jobs Report: 885,000 Full-Time Jobs Lost, 1.127 Million Part-Time Jobs Added, Record Multiple Jobholders
>a year full of monthly downward data revisions, but also collapse in tull-time jobs and surge in part-time jobs, as well asalso the worst unadjusted August payrolls since the great recession
>6-sigma beat to expectations.
>the number of newly employed workers was just 86K, the lowest since May, and the second lowest of 2023
>the official adjusted data showed this Leisure and Hospitality added a whopping +96k jobs. But unadjusted data showed that the sector lost 466k jobs in Sep. This means that the unadjusted private sector payrolls was -399
>Wait, if unadjusted total payrolls rose by 585K and yet private payrolls dropped by 399K, that means that... you got it: in September, all of the unadjusted jobs came from - drumroll - the government, which added a whopping 984K jobs (mostly teachers).
>a seasonally adjusted breakdown of jobs shows that part-time workers accounted for the entire increase, rising by 151K; as for full-time workers? Well, for yet another month, this number dropped, sliding by 22K in September.
>part-time workers rose for the third consecutive month to 27.336 million,and the highest since January, full-time workers have decline for three straight months, and at 134.167 million, this was the lowest number going back to February
>let's use unadjusted numbers instead. What do we get? Well, we get the following whopper: in September, the number of unadjusted full-time workers collapsed by 885K. This was the biggest monthly drop since - drumroll- April 2020 when the economy was shut down
>And if full-time workers plunged, that must mean that part-timers exploded, right? Why yes, they did: by 1.127 million in one month to be precise, and at 27.109 million the number of part-time workers was the highest since April