Non Farm Payroll data - July Payroll numbers miss expectations , June revised lower ..... unemployment drops to 7.4 percent , labor force participation rate and civilian workforce drop again...... discouraged worker headcount higher ...... words of the day - part time

Obamacare Full Frontal: Of 953,000 Jobs Created In 2013, 77%, Or 731,000 Are Part-Time

Submitted by Tyler Durden on 08/02/2013 - 09:04

When the payroll report was released last month, the world finally noticed what we had been saying for nearly three years:that the US was slowly being converted to a part-time worker society. This slow conversion accelerated drastically in the last few months, and especially in June, when part time jobs exploded higher by 360K while full time jobs dropped by 240K. In July we are sad to report that America's conversation to a part-time worker society is accelerating: according to the Household Survey, of the 266K jobs created (note this number differs from the establishment survey), only 35% of jobs, or 92K, were full time. The rest were...not.

Payrolls Miss 162K vs 185K Expected, June Revised Lower To 188K; Unemployment Rate 7.4%

Submitted by Tyler Durden on 08/02/2013 08:34 -0400

• Unemployment

So much for the trends of beats: July nonfarm payrolls +162K missing expectations of 185K; June was revised lower to 188K and the unemployment rate dips from 7.5% to 7.4%. The rate dropped because the civilian labor force declined from 155,835 to 155,798 or 37K, driven by an increase of people not in labor force to 89,957 - just shy of the all time high. This also means that the labor force participation rate once again ticked down to 63.4% from 63.5%.

What is worse however is that the change in average hourly earnings dropped -0.1% on expectations of a 0.2% increase and down from the 0.4% increase last month. Those part-time jobs are finally starting to bite.

From the report:

Household Survey Data

Both the number of unemployed persons, at 11.5 million, and the unemployment rate, at 7.4 percent, edged down in July. Over the year, these measures were down by 1.2 million and 0.8 percentage point, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult women (6.5 percent) and blacks (12.6 percent) declined in July. The rates for adult men (7.0 percent), teenagers (23.7 percent), whites (6.6 percent), and Hispanics (9.4 percent) showed little or no change. The jobless rate for Asians was 5.7 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

In July, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.2 million. These individuals accounted for 37.0 percent of the unemployed. The number of long-term unemployed has declined by 921,000 over the past year. (See table A-12.)

The civilian labor force participation rate was 63.4 percent in July, little changed over the month. The employment-population ratio was unchanged at 58.7 percent. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 8.2 million in July. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

In July, 2.4 million persons were marginally attached to the labor force, little changed from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 988,000 discouraged workers in July, up by 136,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.4 million persons marginally attached to the labor force in July had not searched for work for reasons such as school attendance or family responsibilities. (See table A-16.)