4 ms·

U.S. economy blows past expectations by adding 528,000 jobs in July

38 points by mgh2 4y ago

rahimnathwani 4y ago
I found this part of the report from the Bureau of Labor Statistics interesting: """ The number of persons employed part time for economic reasons increased by 303,000 to 3.9 million in July. This rise reflected an increase in the number of persons whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is below its February 2020 level of 4.4 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.) The number of persons not in the labor force who currently want a job was 5.9 million in July, little changed over the month. This measure is above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. (See table A-1.) Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force, at 1.5 million, was about unchanged in July. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. Discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, numbered 424,000 in July, little changed from the prior month. (See Summary table A.) """
kramerger 4y ago
This was a bit unexpected. What did actually happen during the summer to cause this?
- bagacrap 4y ago
  travel demand went up and the much-forecasted recession basically never happened
egberts1 4y ago
So we have an increase in employed part time due to losses of full-time. Three part-time workers can do the work of a full-time worker for the same cost of pay. This is TERRIBLE news.
- andsoitis 4y ago
  > increase in employed part time due to losses of full-time. where in the article did you read this?
  - egberts1 4y ago
    At the BLS website.
  - mgh2 4y ago
    https://news.ycombinator.com/item?id=32366038 https://news.ycombinator.com/item?id=32366038
  - egberts1 4y ago
    The number of full-time workers decreased 71,000 over the month, while part-time workers, both voluntary and involuntary, increased by 384,000. https://www.bls.gov/cps/lfcharacteristics.htm https://www.bls.gov/cps/lfcharacteristics.htm
naveen99 4y ago
I wonder how many remote foreign employees the us economy added also.
- bagacrap 4y ago
  they're even cheaper to pay right now given the exchange rate (or I dunno, do they pay them in local profits anyway?)
egberts1 4y ago
The number of full-time workers decreased 71,000 over the month, while part-time workers, both voluntary and involuntary, increased by 384,000. https://www.bls.gov/cps/lfcharacteristics.htm https://www.bls.gov/cps/lfcharacteristics.htm

38 points by mgh2 4y ago

I found this part of the report from the Bureau of Labor Statistics interesting: """ The number of persons employed part time for economic reasons increased by 303,000 to 3.9 million in July. This rise reflected an increase in the number of persons whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is below its February 2020 level of 4.4 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.) The number of persons not in the labor force who currently want a job was 5.9 million in July, little changed over the month. This measure is above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. (See table A-1.) Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force, at 1.5 million, was about unchanged in July. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. Discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, numbered 424,000 in July, little changed from the prior month. (See Summary table A.) """

kramerger 4y ago

This was a bit unexpected. What did actually happen during the summer to cause this?

bagacrap 4y ago
travel demand went up and the much-forecasted recession basically never happened

egberts1 4y ago

So we have an increase in employed part time due to losses of full-time. Three part-time workers can do the work of a full-time worker for the same cost of pay. This is TERRIBLE news.

andsoitis 4y ago
> increase in employed part time due to losses of full-time. where in the article did you read this?
- egberts1 4y ago
  At the BLS website.
- mgh2 4y ago
  https://news.ycombinator.com/item?id=32366038 https://news.ycombinator.com/item?id=32366038
- egberts1 4y ago
  The number of full-time workers decreased 71,000 over the month, while part-time workers, both voluntary and involuntary, increased by 384,000. https://www.bls.gov/cps/lfcharacteristics.htm https://www.bls.gov/cps/lfcharacteristics.htm

naveen99 4y ago

I wonder how many remote foreign employees the us economy added also.

bagacrap 4y ago
they're even cheaper to pay right now given the exchange rate (or I dunno, do they pay them in local profits anyway?)

egberts1 4y ago

The number of full-time workers decreased 71,000 over the month, while part-time workers, both voluntary and involuntary, increased by 384,000. https://www.bls.gov/cps/lfcharacteristics.htm https://www.bls.gov/cps/lfcharacteristics.htm