The economic news continues to deteriorate, as the latest Bureau of Labor Statistics (BLS) report reveals that job creation is at a bare minimum level. But the overall lack of job creation is only part of the problem. Some of the most important jobs for the U.S. middle class are actually shrinking in number, the labor participation rate continues to decline to dangerously low levels, and the number of those who could only find part time work has grown larger.
According to the BLS release, “nonfarm payroll employment changed little (+38,000.) Employment increased in health care. Mining continued to lose jobs…In May, the civilian labor force participation rate decreased by 0.2 percentage point to 62.6 percent. The rate has declined by 0.4 percentage point over the past 2 months…The number of persons employed part time for economic reasons (also referred to as involuntary part-time workers) increased by 468,000 to 6.4 million in May, after showing little movement since November. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job. In May, 1.7 million persons were marginally attached to the labor force, little changed from a year earlier….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. Among the marginally attached, there were 538,000 discouraged workers in May, essentially unchanged from a year earlier. Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.2 million persons marginally attached to the labor force in May had not searched for work for reasons such as school attendance or family responsibilities.”
The raw numbers are discouraging, but an examination of the types of jobs lost and the few gained provides even more cause for concern.
The types of jobs that could provide a boost to the general economy both providing good pay and by reducing the continuous and massive trade deficit have continued to decline in number.
In May, mining employment continued to decline, losing 10,000 positions. The BLS notes that “Since reaching a peak in September 2014, mining has lost 207,000 jobs. Support activities for mining accounted for three-fourths of the jobs lost during this period, including 6,000 in May.”
Similar problems can be seen in manufacturing. Employment in durable goods declined by 18,000 in May, with job losses of 7,000 in machinery and 3,000 in furniture and related products.
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Masking the downturn in employment are some gains in health care, which added 46,000 jobs in May, with increases occurring in ambulatory health care services (24,000), hospitals (17,000), and nursing care facilities (5,000). Over the year, health care employment has increased by 487,000.
The BLS also downgraded previously reported employment numbers. The increase in total nonfarm payroll employment for March was reduced from 208,000 To 186,000, and the change for April was reduced from 160,000 to +23,000. With these revisions, employment gains in March and April combined were 59,000 less than previously reported.
A record 94,708,000 prospective workers are not currently in the workforce (a labor participation rate drop to 62.6%.) Overall, this is the worst jobs report since September of 2010. The jobs creation number over the past three months is only 347,000, the worst stretch since 2012, and many of those are not the most desirable positions.
The prospects for future gains remain bleak. An excessively high regulatory regime, combined with anti-job policies such as the President’s Clean Power Plan and America’s uncompetitive corporate tax rate point to a continuation and perhaps a worsening of the current doldrums.
The poor numbers cannot be attributed to the 2007 recession; they indicate an economy that is entering a wholly new and separate downturn, a result of failed economic policies.