Monday, December 5, 2011
The BLS employment number released Friday was "better than expected;" due to the routine fudging of the denominator, or the total labor force. More people than ever are finding the shadow economy a more hospitable place to make money and drop off the BLS rolls forever. According to the monthly Gallup Poll of underemployment, a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full time work, is over 18% in November, measured without seasonal adjustment. That is up from 17.8% a month ago and 17.2% a year ago. Stated simply, many employers appear to have chosen to hire part-time rather than full-time employees for this holiday season.