Vast Majority Of Yesterday's Job Growth Came From Full-Time Unemployed Giving Up And Taking Part Time Jobs
Ah, spin and a compliant media are wonderful things. While Bush does a victory lap over creating less than a hundred thousand jobs a month since August, the media trumpets across its front pages this morning the 300,000 plus jobs created last month. What got overlooked in a lot of the coverage was the fact that most of these jobs that Bush took credit for as evidence of his successfully fiscally irresponsible policies, were in fact part-time jobs.
According to Wells Fargo Bank’s chief economist Sung Won Sohn, seasonal factors such as better weather led to the growth in retail and construction. And the termination of the Southern California grocery workers’ strike had a lot to do with the better numbers also. But Sohn makes it very clear that the “vast majority” of the increase in job numbers last month came from workers giving up looking for full-time work and accepting whatever part-time work was available. And this is what Bush took credit for yesterday as evidence that his policies are working.