Full Time Jobs Soar
What Hurricane: Full-Time Jobs Soar By 935,000, Biggest Increase In The 21st Century
Not only was there much confusion ahead of the September payrolls report, there was just as much confusion inside it, because while the market decided to ignore the 33,000 drop in payrolls (as per the Establishment Survey), the first monthly decline in 7 years and instead focus on the just as widely expected spike in average hourly earnings, a result of hurricane-induced labor shortages, what it appears to have forgotten is the “other” Household Survey, which showed a vastly different picture. Here, according to the BLS the number of employed Americans soared by 906,000 one of the biggest monthly increases on record.
However, an even more dramatic observation was revealed when digging into the components of this increase, because according to the BLS, while the number of part-time workers increased last month by 81,000…
… it was the full-time increase that was an absolute outlier: at 935,000 this was the single biggest monthly increase in the 21st century (excluding the bizarro Jan 2000 print), and one of the 4 highest monthly prints in history.