50.6% of civilian noninstitutional population works full-time in June 2022, just above the 2019 full year average

 

Full time as a percentage of civilian population vaults to 50.4% in May 2022, the 2019 average level

 Full-time usually peaks in the summer months.

The average level for the year through May 2022 is 49.8%.

Bloomberg economic model forecasts 25% tariffs between democratic and autocratic countries would roll back globalization to 1990s levels and leave the world 3.5% poorer

Arguably that would be a good thing for American workers, but Bloomberg doesn't care about that.

 

For three decades, a defining feature of the world economy has been its ability to churn out ever more goods at ever lower prices. The entry of more than a billion workers from China and the former Soviet bloc into the global labor market, coupled with falling trade barriers and hyper-efficient logistics, produced an age of abundance for many.But the last four years have brought an escalating series of disruptions. Tariffs multiplied during the US-China trade war. The pandemic brought lockdowns. And now, sanctions and export controls are upending the supply of commodities and goods.All of this risks leaving advanced economies facing a problem they thought they’d vanquished long ago: that of scarcity. Emerging nations could see more acute threats to energy and food security, like the ones already causing turmoil in countries from Sri Lanka to Peru. And everyone will have to grapple with higher prices.

More.

The story never mentions how those newly introduced extra billion plus workers reduced economic outcomes for the already established middle classes around the world, especially in America where the full time job of the 1990s became a thing of the past.

If I'm repeating myself, I don't care.

 

 

 

49.8% of civilian population had full time jobs in April 2022: Potential room for at least 9.9 million more full time at year 2000 experience

On average in 2022 to date, there were 130.871 million employed full time at average civilian noninstitutional population level of 263.382 million, for 49.7% employed full time on average through April 2022.

Think of all the work we could be doing in this country, but are not.

 

It takes an economist to say that the labor market is on fire

But as it stands “we have to take the numbers at face value, and they paint a picture of a labor market on fire,” wrote Jefferies economists Aneta Markowska and Thomas Simons, with the Fed likely heading towards “a more sustained tightening cycle and a higher terminal rate.”

Reuters.

Full-time employment in the US in January was 49.3% of civilian noninstitutional population, a far cry from what it could be. The measure could recover to 50.4% pre-pandemic and it still wouldn't be "on fire".

Bouncing back would be a good thing, is fully expected, and could be actually happening, but confusing it with boom levels as Trump did would remain an illusion. 

Housing affordability turned down again in 2020 as housing prices climbed ever higher and incomes fell

The key to joining the middle class has always been the full-time job, without which you cannot afford a house.

The rich have taken away the keys.

Democrats won control of all the important levers of federal government in 2020, but "democracy is on life support"

I'll say.

With Democracy on Life Support, GOP Wants to Pull Plug

Brad Bannon, The Hill

 

Democracy as brought to you by Democrats in 2020 has meant surrender to the Taliban in Afghanistan, 

 

The Science ™ mutating every four weeks,

 

doubling down on a vaccine which hasn't "shut down the virus", 

 

a 30.5% increase to currency in circulation since Democrats took the House in 2018,

 

inflation raging by nearly 11% over the period and people pretending not to know why,

 

the purchasing power of the US dollar falling by 9.6%,

 

the total public debt up $8 trillion, 37%, 

missing full-time jobs of at least 13 million,

 

illegal immigration soaring under Biden to the third-highest in 97 years, 

 

toleration of unprecedented race riots and violent crime in every major American city,

 

designating parents irate over public schools propagandizing students about race "terrorists",

 

and that's just off the top of my head, which I still have because Democrats don't own the Supreme Court . . . yet.

 

 

 

 

 

The full-time jobs deficit in 2021 in the United States was at least 13 million, and 4.6 million fewer had such jobs who once did under Trump

 

49.35% worked full time in Nov 2021, a new high for the year, vs. 50.52% two years ago at this time: Millions could be working who are not

That works out to 3.1 million missing full time jobs in Nov 2021 compared to Nov 2019 at current population.

We went from adding 1.7 million W-2s in 2019 to subtracting 1.7 million in 2020, a gap of 3.4 million.

Overall in 2021 to date full time has averaged 48.55% of civilian noninstitutional population, still much below the 50.4% average level in 2019.

Potential missing full time is at least 11.1 million at current population level.

The good times get smaller and smaller and smaller in the rear view mirror.

 

Full-time as a percent of population peaked in July at 49.28% and averages 48.47% for the first 10 months of 2021

 Still way off the (lousy) Trump peak of 50.4% in 2019.

 

Full time jobs as a percentage of population now average 48.3% through August 2021

 Full time as a percentage of population rose to 49.18 in August after peaking in July, as is typical, at 49.28.

The measure ebbs after summer and flows in the spring, mirrored by a peak oscillation in usually part-time employment in the winter, which is a much smaller part of the population, historically averaging 27+ million in the years before the latest catastrophe.

The 48.3% average to date in 2021 is one full point ahead of the average for 2020 at 47.3%, but remains far off the 2019 average at 50.4%, which itself hardly represented a return to what was normal before the Great Financial Crisis.

Full time work never recovered after GFC I, which exposed the hollowed out character of the US economy after decades of out-sourcing, off-shoring, and mass low-wage immigration.

 

America continues in decline, undershooting its potential by 13 million full-time jobs

Full-time employment in June 2021 in the US, not seasonally adjusted, was 48.7% of civilian noninstitutional population. The average level had been 50.4% in 2019, historically anemic. That's a deficit of 4.6 million full-time jobs in June 2021 compared with the 2019 average.

 

If you can imagine full-time employment at 53.6% of civilian noninstitutional population as in the year 2000, you are talking about 140 million with full-time jobs today instead of the actual 127 million. America continues in decline undershooting its potential by 13 million full-time.

 

Sad!

 

 

48.7% June 2021

Biden can crow all he wants about "creating" jobs: The deficit in full-time compared with the 2019 average is still 5.1 million in May; just getting back to where we were before this debacle occurred will take years

 May 2021 full-time jobs: 48.5% of population

Average 2019: 50.4%

Missing full-time compared to 2019: 5.1 million

 

 

Full-time employment as a percentage of civilian population climbed to 48.1% in April 2021

It's a long way from 2019, let alone from the Reagan-Bush-Clinton-Bush era.

If 50.4% had a full-time job in April 2021, 6 million more people would be working full-time than do.

 

Full-time employment in the US in February 2021 continues to SUCK

47.5% of the civilian US non-institutional population had full-time jobs in February 2021. The average level in 2020 was 47.3%.

Missing full-time in February relative to the 2019 average of 50.4% is 7.5 million.

Relative to the all-time high in 2000 at 53.6%, missing full-time is a whopping 15.87 million.

In January 2021 just 47.4% of the civilian population had full-time jobs, compared with 2020's average of 47.3%

Biden reportedly said in response to the employment situation summary today:

"At that rate it's going to take ten years to get back to full employment. That's not hyperbole that's a fact."

The fact is employment has never recovered to pre-Great Recession levels, and Biden is as little likely to fix that as were Obama and Trump.

The Reagan era tax reforms hollowed out the labor economy. 

Before Reagan, high marginal tax rates on ordinary income steered that income into capital investment, gains from which received preferential tax treatment if held long enough. The investment grew the economy, providing good jobs for Americans and tax revenues for government at all levels. The arrangement distrusted rich people to do the right thing with their money, but rewarded them if they did.

Reagan libertarianism changed all that.

We were sold the idea that lower taxes on high ordinary incomes would still result in capital investment because we could trust people to do the right thing with their own money.

Guess what? Libertarian trust of human nature turned out to be as false as liberal trust of human nature. 

Under the influence of libertarian free trade dogma and growing globalization, that investment went abroad where there was far cheaper labor, lower taxes and less regulation. Profits soared for the few, bringing the number of billionaires from less than fifty in the 1980s to nearly 800 today. Meanwhile the good jobs gradually disappeared and income inequality soared.

Ordinary people today cannot afford cars, educations, health care, and houses as a result.

Add in cheap labor competition from immigration at a clip of 1 million a year and you can understand how Trump was so popular, however incompetent and narcissistic he was.

Trump may be gone, but the people remain screwed by these problems and by the time serving politicians and 2.8 million federal bureaucrats working for pensions who stand in the way.

Returning to the status quo ante might fix it, but it would take a generation to start feeling it. And who among us has the vision and the cojones to pull it off?

Certainly not the women and snowflakes who cry crocodile tears of fear on the House floor. Certainly not the sailors on board the Chafee who are in a panic because the cooks are infected with COVID.

The country is rotting from the inside out. All it will take to bring it down is . . . a series of unfortunate events.

In past hits to full-time employment in the early 1990s, after 2000 and 2007, part-time usually soared, but it tanked in 2020 right along with full-time

 

2020 was a disaster for full-time employment, wiping out eight years of progress, however anemic those were: 13 million full-time potential missing on average relative to 2006 peak at 52.3%

 

It took Reagan/Bush just six years to reach 52% after the early 1980s recessions, still unparalleled

The difference between 47.6% of population with full time jobs in Nov 2020 and 52% is 11.5 million

 Think of each of those 11.5 million full-time units forming a household, buying a house, buying a car, buying a washing machine, raising some kids, paying taxes for good schools to which to send them, etc.

That's what's missing.

Sad! 

Just a reminder that the harrowing nature of full time employment in the United States hasn't changed much as of Nov 2020

 As a percentage of population, full time in Nov 2020 remains in the basement digging holes at 47.6%, reminiscent of the historic lows pre-Reagan and the double Reagan recessions of the early 1980s.

Full-time never recovered after the Great Financial Crisis of 2008, if you mean a return to pre-GFC1 levels. Under Obama and continuing under Trump full time after eight long years finally clawed its way up to 50.4% in 2019 on an average annual basis, only to be felled again by a lousing, stinking virus.

But don't make the mistake of blaming the virus. Conditions were long too weak to support pre-GFC1 levels of full time employment. Contrast this with the vigor of the Reagan/Bush surge in which full time went from 47.3% to 52.2% in just six years.

That missing vigor is the irreducible fact of the present economic malaise now in its twelfth year which very few acknowledge let alone understand.