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Perry D.
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CBDO at Serenity. Former economics correspondent for Fortune Magazine and The Financial Times, with a BA in economics from Harvard. I keep an eye out for inflection points. I'm not wedded to any particular market philosophy or past forecasts. I go wherever the evidence, skepticism of static... More
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  • Only a Part-Time 'Recovery': No Net Increase In Full-Time Jobs 0 comments
    Dec 14, 2010 10:53 AM | about stocks: SPY, QQQ
    Zero Hedge and economist John Lott have noticed that here's been no net increase in full-time jobs since the so-called "recovery" started. I had to take a look at BLS' survey data myself and can't believe I missed it.

    Not only are they right -- it's also the case that the number of full-time jobs has been shrinking for six straight months.

    More than a year into 'recovery,' we have what is already a "double-dip" in the number of full time jobs.

    It's the latest evidence that something major is not quite right with the U.S. economy and its business climate. We're performing more like top-heavy Japanese and Western European economies, with an ever-diminishing emphasis on full-time work. The legal, tax and regulatory system in the U.S., and the uncertainty over how much worse they'll get, have clearly driven the cost and risk to employers of hiring full-time labor in the U.S. way too high.

    The last thing the federal, state or local governments should be doing is raising taxes, increasing spending, creating new entitlements or otherwise expanding future obligations. Under current circumstances, it's nothing less than economic suicide.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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