US is Becoming a Nation of Part-Time Workers

As today's NFP report once again showed, the average hourly earnings barely budged at $23.38 from $23.37 last month, and in fact declined on an inflation-adjusted basis. Why? Because as we [Zero Hedge] predicted both in February (and in 2010) the US is increasingly becoming a population of part-time workers, as full time jobs disappear for good, and are offshored abroad at best.

April confirmed everything we had been warning about: in the month, full time jobs dropped to 114,478 from 115,290, an epic drop of 812,000 in full time jobs which was the biggest since... March 2009! The offset? Why a surge in part-time jobs of course, which increased by 508,000 in the month of April.

So while seasonally adjusted, birth/death recasted jobs may have increased by 115,000, the real quality jobs, imploded, which unfortunately is merely a part of a longer-term secular trend as part of the new part-time normal. More...