According to a new report from the federal government's Bureau of Labor Statistics last Friday, the US economy added 353,000 jobs for the month of January while the unemployment rate held at 3.7%. CNN news was sure to tell us that this was a "Shockingly good jobs report" and it "Shows America's economy is booming."
There's also the problem that the jobs report itself isn't so impressive once we look beyond the headline establishment survey jobs data.
It's entirely possible that there are more jobs being added in the economy-it's just that many of them are going to people holding multiple jobs, and many of those jobs are part time.
If the economy is filling up with fewer people holding two or more part time jobs, that registers as "Blowout" jobs growth.
Government jobs in January totaled more than 20 percent of all new year-over-year job growth.
In spite of all this American consumers of television news are fed a steady diet of good news about the economy in which each month brings a new "Shockingly good" or "Robust" jobs report.
The jobs report is only something to brag about if one's definition of a strong jobs economy is one in which fewer people have jobs, full-time jobs are disappearing, and government jobs are a growing component of overall job growth.
https://mises.org/wire/new-jobs-report-full-time-jobs-disappear-fewer-americans-find-work
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