Inside Today's Jobs Report: 885,000 Full-Time Jobs Lost, 1.127 Million Part-Time

[Ptarmigan]

Inside Today's Jobs Report: 885,000 Full-Time Jobs Lost, 1.127 Million Part-Time Jobs Added, Record Multiple Jobholders
https://www.zerohedge.com/markets/inside-todays-jobs-report-885000-full-time-jobs-lost-offset-1127-million-part-time-jobs

After last month's stunning payrolls report, when in our post-mortem we revealed not only 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, we thought that nothing could shock us any more. And then we got the September jobs report.

We won't spend too much time dissecting the report since regular readers are all too aware of the same old "upward goalseeking" tactics used by the BLS, so here are the highlights.

First, the 336K jump in headline payrolls - the biggest since January - was stunning when considering that it was not only above the highest Wall Street estimate but was a 6-sigma beat to expectations.



How is it possible to get such an outlier print to not only trends but expectations? Let's try to answer that question.

If, as the BLS claims, in September the jobs market suddenly reversed a year of declines, surely there will be some qualitative validations to this quantitative outlier, right? Unfortunately, looking through the supporting evidence we don't find any justification to the BLS exuberance.

There 336,000 new jobs created in September. It was good. Right?

Let's start with the Household survey: here instead of a number anywhere close to the 336K jobs gained (as the far less accurate Establishment survey reports), the number of newly employed workers was just 86K, the lowest since May, and the second lowest of 2023!



And since the number of unemployed workers also rose to 6.360 million, the highest number since January 2022, the unemployment rate was sticky at 3.8%, and refused to drop to 3.7% as consensus had expected.

The number of unemployed workers rose to 6.36 million people. But wait, there is more.

Indeed, as shown in the chart below, while 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!



But hold on, you say, why use Seasonally Adjusted number when we already noted above that there continue to be chronic issues with the BLS' seasonal adjustments in the post-covid era. True, so let's use unadjusted numbers instead. What do we get?

There are more part time workers and is rising.

[Eupher]

Translation from the graphs:

Don't believe a word that comes out of SharterJoe's lying ass. When you lose almost 1,000,000 full-time jobs, anything that is added in the form of part-time or temp gigs does not help.