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Jobs statistics Are Far Worse Than They Look, Economists Shocked

Economists were shocked by the enormous beat in Friday’s reported job figures. The unemployment rate plunged 0.2 percentage points to 7.7% and the economy purportedly added 236,000 jobs.

According to the household inspection on which the unemployment rate is based the economy added a strong 170,000 jobs. The survey also illustrate a marvelous boost of 446,000 part time jobs.

A Gallup survey on jobs released on Thursday illustrate the percentage of workers working part time however wanting permanent work was 10.1% in February, a boost from 9.6% in January and the greatest rate measured since January 2012.

Gallup survey notes though fewer people are unemployed now than previous year, they are not transfered to permanent jobs for an employer. In reality, fewer Americans are working permanent for an employer than were performing so previous year and more Americans are working part time.

While part time work is obviously better than no work at all, these are not the sort of good jobs that millions of Americans are still penetrating for.

During the previous month there was a rush of 679,000 in the amount of people working multiple jobs. The seasonally adjusted boost was 340,000.

One can preserve the statistics two ways. Either the economy is getting healthier and more jobs are available, or people are working more jobs as their hours were cut and they need an additional job.