News that doesn't receive the necessary attention.

Friday, April 1, 2016

The Fed must love the 'poorly educated.' Experts say Fed will likely hike interest rates in wake of March 2016 jobs report. But biggest 'job growth' came from part-time, low wage jobs held by persons with less than high school education-Marketwatch, 4/1/16

March 2016 jobs: Biggest increase in labor force "since last fall...are people without a high school degree. They tend to be more heavily employed in retail or leisure and hospitality."...4/1/16, "Fed will likely hike rates in June in wake of jobs report, economists say." March 2016 jobs report "is likely to reassure the Federal Reserve that the economy remains on sound footing." 

4/1/16, "Part-timers might account for labor-force surge," marketwatch.com, Jeffry Bartash

"The number of able-bodied Americans entering the labor force has surged since last fall....
 

The latest U.S. jobs report suggests many of these newly employed workers have found part-time work with mediocre pay.
 
The participation rate hit a two-year high of 63% in March, climbing from a 38-year low of 62.4% in September, the government said Friday. A person is considered part of the labor force if he finds or job or is actively searching for one.


The sharp rebound in labor-force participation after years of decline is a welcome turnabout, though economists are puzzled. Many had expected participation to remain low or fall even further as more baby boomers retire....


Consider so-called involuntary part-time workers. These are people who would prefer a full-time job or more hours if they were available. After hitting a post-recession low of 5.8 million in October, the number of people who can only get part-time work has bounced back up to 6.1 million, according to figures from the Labor Department’s household survey.

Hiring has been particularly strong in the past six months at retail stores and restaurants, where both pay and the number of hours employees work lags behind the national average.

The group with the biggest increase in participation since last fall, what’s more, are people without a high school degree. They tend to be more heavily employed in retail or leisure and hospitality.



 












The number of hours the average person works each week, meanwhile, has fallen several ticks since the beginning of the year. And wage growth has leveled off....

Both are signs of a shift in hiring toward lower-paying jobs with fewer hours."...(graph from Marketwatch.com)


Read: U.S. adds 215,000 new workers in March  
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In article below, experts say Fed will likely hike rates in wake of March 2016 jobs report. No mention that global economy is being bet on part time jobs, that biggest job gains were part-time, low wage, and filled by persons with less than high school education:

4/1/16, "Fed will likely hike rates in June in wake of jobs report, economists say," Marketwatch.com, Greg Robb

"Fresh data from the Labor Department Friday has given the Federal Reserve the green light to raise interest rates in June, economists said.

The U.S. created 215,000 new jobs in March, the government said. The unemployment rate rose a notch to 5% from 4.9% but that was because more Americans joined the labor force."... 

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Third article, no mention that bulk of new "jobs" in March 2016 report are part-time and held by the poorly educated. Instead, says report is "likely to reassure the Federal Reserve that the economy remains on sound footing:"

4/1/16, "U.S. adds 215,000 new jobs in March as more workers enter labor force," marketwatch.com, Jeffry Bartash

"The steady of pace of hiring is likely to reassure the Federal Reserve that the economy remains on sound footing, laying the groundwork for another increase in interest rates as early as June. The U.S. has been creating more than 200,000 jobs a month since 2014."...


This article does mention a significant drop in manufacturing jobs:

"Employees at manufacturing firms put in less time as the industry cut 29,000 jobs in March. That’s the biggest drop in manufacturing employment since 2009, underscoring a difficult sales environment both at home and abroad.

Energy companies such as firms engaged in fracking also eliminated 12,000 more jobs to cope with cheap oil.

Most sectors added workers, however. Retailers took on 48,000 more employees, construction companies added 37,000 jobs, health care providers hired 37,000 people and restaurants boosted staff by 25,000."...






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