In addition to the alarming number of Americans no longer participating in the work force, the decline in the quality of jobs available and the increase in part-time jobs reveals a disturbing trend.
Tyler Durden of Zero Hedge has pointed out a troubling breakdown in the new Bureau of Labor Statistics report that he described as the red flashing light – the number of multiple jobholders has risen to a record 8.05 million.
A report of new jobs created isn’t always a good thing. In October, a survey revealed that 103,000 full time jobs were lost, and 90,000 part-time jobs were added.
As high-quality jobs continues to erode and more companies hire foreign STEM workers, American workers are being forced to take on multiple part-time jobs.
Obamacare mandates have also forced companies to adjust their hiring practices.
The Labor Department reported that 161,000 jobs were added in October – but Durden questions how many of those were actually duplicates – one person working multiple part-time jobs?
Sign up to get breaking news alerts from Dennis Michael Lynch.
The Number of Americans Out of Work Is Skyrocketing