U.S. added 336,000 jobs in September, blowing past forecasts

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MONEYWATCH 
U.S. added 336,000 jobs in September, blowing past forecasts
moneywatch
BY KATE GIBSON

UPDATED ON: OCTOBER 6, 2023 / 7:51 PM / MONEYWATCH

The U.S. economy created 336,000 jobs last month, with the surprisingly hefty increase showing a willingness by employers to continue hiring in the face of high interest rates and uncertain economic outlook.

The blowout number proved nearly double economists' expectations of 170,000 new jobs in September, according to a survey by FactSet.

The strong payrolls number was also coupled with upward revisions to prior months, with July and August combined adding 119,000 more jobs than last reported, the U.S. Labor Department said Friday.

https://www.cbsnews.com/news/u-s-jobs-report-additional-336000-workers-and-3-8-unemployment/

[NoDisplayName]

That sounds wonderful.

But then you ask for the details.

What do they mean by "jobs"?

 

If we're losing full time positions, replacing them with more part time positions, is that still considered winning?

 

 

 

 

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Is the USA losing full time jobs?

 

As for part time jobs...

Why Americans Want Part-Time Jobs Again

Despite the downsides of foregoing a traditional 40-hour-a-week job, more Americans are embracing part-time and freelance work as they emerge from the pandemic era seeking more flexibility in a job market where workers still have the upper hand. The number of people who say they’re working part-time for non-economic reasons—in other words, by choice—reached 21.8 million in May, according to government data released June 2, which is up 5% from a year ago and 15% from a decade ago. The number of people working part-time for economic reasons—3.7 million—has declined over the past year. The ratio of people working part-time voluntarily to those who want more work is nearly six to one, the highest it’s been in two decades, a sign of a strong labor market that is enabling workers to set more flexible hours.

https://time.com/6284414/part-time-jobs-report/

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11 minutes ago, NoDisplayName said:

That sounds wonderful.

But then you ask for the details.

What do they mean by "jobs"?

 

If we're losing full time positions, replacing them with more part time positions, is that still considered winning?

 

 

 

 

I did find this in this in the latest report from the BLS

The number of persons employed part time for economic reasons, at 4.1 million, changed little 
in September. 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.)

https://www.bls.gov/news.release/empsit.nr0.htm

 

[retarius]

For the past 9 months employment numbers have blown away 'consensus' but have been revised down every single month since. The numbers are 'massaged', 'corrupted' whatever you want to call it. Read ZH and get the full sigma. This 9 sigma event is almost impossible to be due to coincidence.

[WhatMeWorry]

Most of those jobs are low wage service jobs that not many people want.

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2 hours ago, retarius said:

For the past 9 months employment numbers have blown away 'consensus' but have been revised down every single month since. The numbers are 'massaged', 'corrupted' whatever you want to call it. Read ZH and get the full sigma. This 9 sigma event is almost impossible to be due to coincidence.

 

Had you to read even the paragraphs quoted at the opening of this article,e you would know that for July and August of 2023, the estimates have been revised upwards. 

I also did a search for how estimates were revised in the June 2023 report.

 

"The change in total nonfarm payroll employment for March was revised up by 52,000, from +165,000 to +217,000, and the change for April was revised up by 41,000, from +253,000 to +294,000. With these revisions, employment in March and April combined is 93,000 higher than previously reported."

https://www2.staffingindustry.com/Research/Research-Reports/Americas/June-2023-US-Jobs-Report

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2 hours ago, WhatMeWorry said:

Most of those jobs are low wage service jobs that not many people want.

Not many people want these alleged jobs yet the total employment figure rose by 336,000? Can you share with the rest of us the source of your information about most of these jobs being "low wage service jobs"?

[NoDisplayName]

3 hours ago, placeholder said:

Is the USA losing full time jobs?

 

As for part time jobs...

Why Americans Want Part-Time Jobs Again

Despite the downsides of foregoing a traditional 40-hour-a-week job, more Americans are embracing part-time and freelance work as they emerge from the pandemic era seeking more flexibility in a job market where workers still have the upper hand. The number of people who say they’re working part-time for non-economic reasons—in other words, by choice—reached 21.8 million in May, according to government data released June 2, which is up 5% from a year ago and 15% from a decade ago. The number of people working part-time for economic reasons—3.7 million—has declined over the past year. The ratio of people working part-time voluntarily to those who want more work is nearly six to one, the highest it’s been in two decades, a sign of a strong labor market that is enabling workers to set more flexible hours.

https://time.com/6284414/part-time-jobs-report/

It seems strange that Americans would want to give up full time positions with full benefits like health care and pensions and career progression, etc..........but somehow now prefer ueber side gigs and burger flipper engineering slots and positions as official wal-mart greeters instead.

 

I'm not buyin' it.

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7 minutes ago, NoDisplayName said:

It seems strange that Americans would want to give up full time positions with full benefits like health care and pensions and career progression, etc..........but somehow now prefer ueber side gigs and burger flipper engineering slots and positions as official wal-mart greeters instead.

 

I'm not buyin' it.

And you're still not providing evidence for your assertion that Americans are giving up well paying jobs to flip burgers. If your statement were correct than average wages should decline. But in fact they rose.

And, by the way, it's been several years since Walmart employed greeters. You really are out of touch with reality.

Edited October 7, 2023 by placeholder