Real Jobs Math: Half a Million Jobs Lost in April05/03/13
We have all heard the news by now.
- The economy is creating tons of jobs.
- The DOW is soaring to new highs.
In April, companies hired 165,000 more workers, but they cut everyone’s hours (on average) by 12 minutes. That doesn’t sound like much of a decline, but spread out over the 135 million-strong work force, the decline in hours worked is the equivalent of firing more than 500,000 workers while keeping hours steady.Here is what I think happened. To get from under having to abide by Obamacare, employers slashed hours and then were forced to hire more workers to make up the slack.
The 0.4% decline in hours worked in April means the economy isn’t quite as strong as you’d think on first glance.
Because there is still a net loss of hours worked, the economy continues to get sicker.