Hey Bartender! US Economy Adds 336k Jobs, But Full-time Jobs Declined By -22k While Part-time Jobs Increased By 151k (Leisure And Hospitality Added 96,000 Jobs In September) 

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Hey Bartender! The leading employment gain under Bidenomics was … low paying leisure and hospitality jobs at 96k jobs added.

The US added a whopping 336K jobs, the highest monthly increase since January. This is surprising given that the ADP report was so weak.

And the BLS decided to UPWARD revised past numbers. The BLS revised not only August but also July higher: the change in total nonfarm payroll employment for July was revised up by 79,000, from +157,000 to +236,000, and the change for August was revised up by 40,000, from +187,000 to +227,000. With these revisions, employment in July and August combined is 119,000 higher than previously reported.

Meanwhile wage growth continued to cool, and in September average hourly earnings increased 0.2%, below the 0.3% expected, and resulted in a 4.2% increase YoY, down from 4.3% in August…

… as a result of a big bump in lower paying jobs.

But perhaps the most remarkable divergence in the report is that with headline payrolls surging 336K (establishment survey), the Household Survey indicated that the pain continues, as the number of people employed not only rose by less than 100K (86K to be precise), but it was all part-time workers, which increased by 151K. Full-time workers? Why, they dropped by 22K, and the lowest since February.

Leisure and hospitality added 96,000 jobs in September, above the average monthly gain of 61,000 over the prior 12 months. 

But the jobs report highlights Bidenomics. Lots of government jobs and the private sector getting crushed. +1 million government jobs, -400K non-government.

Hmm. How will The Federal Reserve view this report? Focus on the red-hot headline gain of 336k job added or the fact that it is mostly part-time jobs added? Odds of a rate HIKE rise to 44% after September jobs report and Fed PAUSE expectations have been extended.

After the jobs report, the US Treasury 10Y yield soared.

The 10-year Treasury yield has risen dramatically under Biden’s Reign of (Economic) Error.

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Published by confoundedinterest17

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One thought on “Hey Bartender! US Economy Adds 336k Jobs, But Full-time Jobs Declined By -22k While Part-time Jobs Increased By 151k (Leisure And Hospitality Added 96,000 Jobs In September) ”

  1. Remember when GHW Bush was president and these types of jobs numbers came in, the Democrats were deriding them as “Hamburger Flipper” Jobs?

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