Aug 05, 2022
More Americans are working part-time — a potential harbinger of future jobs market instability
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Commuters and tourists exit a subway car May 26, 2022 in New York City.Robert Nickelsberg | Getty Images
More Americans were working part-time and temporary jobs last month, which may herald future shifts in the shape of what today appears a robust jobs market.
Hiring in July easily blew past expectations, suggesting a strong labor market despite other signs of economic weakness.But a jump in the number of workers in part-time positions for economic reasons — usually because of reduced hours, poor business conditions or because they can't find full-time work — hints at potential instability ahead.
The Bureau of Labor Statistics on Friday reported the number of such workers, called "involuntary part-time workers," increased by a seasonally adjusted 303,000 in July, to 3.9 million. That follows a sharp decrease of 707,000 in June.
The metric, which is volatile, is still below the 4.4 million involuntary part-time workers recorded in February 2020, before the Covid-19 pandemic upended the labor market.
The number of full-time workers decreased 71,000 over the month, while part-time workers, both voluntary and involuntary, increased by 384,000.
The July uptick wasn't due to a lack of full-time jobs. Compared with the June report, July saw fewer workers who could only find part-time work. Instead, the report said, workers were forced into part-time roles because of reduced hours and unfavorable business conditions.
The report indicates a move in the "wrong direction," according to Julia Pollak, chief economist for ZipRecruiter, and could signal a recession ahead.
At the same time, temporary help services jobs showed signs of expansion, increasing by 9,800 in July, more than double the 4,300 increase in June.
These are workers temporarily hired to pick up extra work, and are often the first to be cut when employers brace for tougher economic times, according to Pollak. Growth in that metric, she said, could be a reassuring sign for the economy.
The conflicting indicators could reflect a diverging economy where some industries are struggling more than others, according to Erica Groshen, a former commissioner for the Bureau of Labor Statistics and current senior economics advisor at Cornell University.
Another possibility, she said, is that strong hiring earlier in the month led businesses to pull back to correct.
"Towards the end of the month we had people having their hours cut," she said.TVWATCH LIVEWATCH IN THE APPUP NEXT | ETListen
News Source: CNBC
Man Utd squad cost compared to Brentford revealed… with Erik ten Hag’s flops worth EIGHT time more despite loss
MANCHESTER UNITED'S flops cost nearly EIGHT times more than the Brentford heroes who humiliated them.
The Red Devils were battered 4-0 at the Gtech Community Stadium on an embarrassing evening.4Harry Maguire and Bruno Fernandes cost a combined £140mCredit: Reuters 4The Brentford starting XI cost just £55m but smashed four past the bungling defenceCredit: Richard Pelham / The Sun
Their first-half collapse included two horrendous blunders from David de Gea, a moaning Cristiano Ronaldo and resulted in a triple substitution at half-time.
But the alarming stat posted by Sky Sports during the second half showed just how impressive Brentford and their recruitment has been compared to the shambles at Old Trafford.
United's starting XI cost approximately £424million.
That included the world-record £85m for Harry Maguire and £73m on the anonymous Jadon Sancho.READ MORE MAN UTD STORIESRED DEVILS LATEST Red Devils EYE Morata whilst meeting with Rabiot, Perez SNUBS Ronaldo
And struggling duo Lisandro Martinez and Fred - who were both hooked at the break - cost £56m and £52m respectively.
By comparison, Thomas Frank's 11 brilliant Bees stars arrived in West London for a grand total of £55m.
And the four goalscorers - Josh Dasilva, Mathias Jensen, Ben Mee and Bryan Mbeumo - all came in for just £10m.
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He said: "It's a real achievement to spend a billion pounds and be this bad.
"It doesn't take much to dismantle this United team. You just need organization and fight and they will crumble. Flaky like you wouldn't believe. They're like jelly.
"I've watched Manchester United for 42 years and I can't think of a moment where it has been as bad as the first half.
"Erik ten Hag has picked the smallest team he could hoping they would outplay Brentford.
"You have to deal with the physical side of the Premier League. It's like a men's team against Under-9s.
"They have been mauled. Bullied. Messed around with like you wouldn’t believe in this first half hour.
"What a first half we are seeing. The demolition of Manchester United."4Lisandro Martinez arrived for £56m from Ajax this summerCredit: Getty 4Bryan Mbeumo and Josh Dasilva both got on the scoresheetCredit: AP