The number of full-time jobs has plummeted since June 2023, with Americans turning to part-time jobs and working multiple jobs to make up the difference as economic factors like high inflation continue to put stress on consumers, according to data from the Bureau of Labor Statistics (BLS).
Since June, the number of full-time jobs has declined more than 1.8 million, from 134,787,000 to 132,946,000 as of February, according to the Federal Reserve of St. Louis. In that same time, the number of part-time employees working less than 35 hours per week has risen from 26,248,000 to 27,941,000, an increase of nearly 1.7 million, continuing the trend of a growing number of part-time positions but a receding number of full-time positions. (RELATED: Biden’s ‘Junk Fees’ Crackdown Is A Distraction From The Real Problems, Experts Say)
Around 133,230,000 were employed with full-time jobs in February 2023, 284,000 more than a year later, while the number of part-time workers has grown by 922,000 in that same time, according to the BLS. The number of people holding multiple jobs has surged in tandem, increasing from 7,883,000 to 8,259,000, a difference of 376,000.
Full-time jobs are now down 1.8 million since Jun ’23 and virtually flat (+0.3%) since Mar ’22; meanwhile, part-time jobs are up 1.7 million since Jun ’23 and up 2.0 million since Mar ’22 – folks getting 2nd (or 3rd) jobs is artificially boosting the headline payroll figure: pic.twitter.com/Rylgq0TNpc
— E.J. Antoni, Ph.D. (@RealEJAntoni) March 8, 2024
The U.S. economy added 275,000 nonfarm payroll jobs in February, outdoing expectations of just 200,000. Despite the huge gains announced in the month, the previous two months were revised down by a combined 167,000 jobs.
The number of people employed part-time for economic reasons, whether that be because their jobs reduced their hours due to lack of work or they could only find part-time positions but wanted a full-time job, increased from 4,070,000 in February 2023 to 4,376,000, a difference of 306,000, according to the BLS. Americans working part-time jobs for noneconomic reasons increased in that same time as well, from 21,780,000 to 22,309,000.
Inflation under Biden has continued to plague Americans, rising 3.1% year-over-year in January, with prices rising a total of 18% overall since January 2021. In response to high inflation, which peaked at 9.1% in June 2022, the Federal Reserve has set its federal funds rate in a range of 5.25% and 5.50%, increasing credit costs for Americans in an attempt to cool the economy.
The White House did not immediately respond to a request to comment from the Daily Caller News Foundation.
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