Dennis Tubbergen helps us understand employment reports.
Grand Rapids, MI -- (SBWIRE) -- 07/17/2013 -- It is difficult to stay abreast of everything that is happening financially in the United States today. Dennis Tubbergen, a financial advisor, author, radio show host and CEO of PLP Advisors, LLC can be counted on to give a hand when it comes to understanding the latest events in U.S. and world economics.
Whether people enjoy his monthly newsletter at www.moving-markets.com or his blog at http://www.dennistubbergen.com, Tubbergen is dedicated to sharing his viewpoints and opinions. On July 15, 2013 his blog was titled What is Not Obvious in the Latest Employment Report.
"The recent jobs report issued by the Department of Labor reported the economy gained 195,000 jobs in June, beating the expectations of economists," began Tubbergen. "The article stated that of the 144 million Americans employed last month, only 116 million were working full time."
Below he quotes from a report from the conservative Bretibart organization.
The release of the June Jobs' Report Friday was something of a relief for the markets. The Labor Department reported that the economy gained 195,000 jobs in June, which beat economists' expectations.
The Department also reported that the economy gained 70,000 more jobs in April and May than it originally estimated. The report, however, also provides clear evidence that the nation is splitting into two; only 47% of Americans have a full-time job and those who don't are finding it increasingly out of reach.
Of the 144 million Americans employed last month, only 116 million were working full-time. Friday's report showed that 58.7% of the civilian adult population of 245 million was working last month. Only 47% of Americans, however, had a full-time job.
The market's positive reaction to Friday's report is another sign of how far our economic expectations have fallen. If today the same proportion of Americans worked as just a decade ago, there would be almost 9 million more people working. Just in the last year, almost 2 million Americans have left the labor force. With a majority of the population not holding a full-time job, it isn't surprising that economic growth has been so weak.
In June, the number of Americans who wanted to work full-time, but were forced into part-time jobs because of the economy, jumped 352,000 to over 8 million.
The Jobs' Report is increasingly measuring only a part of the American economy. While Friday's report was better than expected, it only measures those who are working or actively looking for work. There is a growing number of Americans slipping through the cracks of the job market.
"Policy will dictate moving ahead that employers will look to add part-time workers rather than full-time workers," explained Tubbergen. "Benefits do not have to be provided for part-time workers."
Tubbergen goes on to conclude, "The unemployment rate does not differentiate between part-time workers and full-time workers; both categories of workers are considered to be employed as far as the official statistics are concerned. Yet, the number of full-time workers versus part-time workers is a very important, although not typically reported statistic."
To read the blog in its entirety go to http://www.dennistubbergen.com and select his July 15, 2013 entry.
Tubbergen’s syndicated radio show can be heard on metro Michigan stations WTKG 1230 AM and WOOD Newsradio1300 AM and 106.9 FM.
About Dennis Tubbergen
Dennis Tubbergen has been in the financial industry for over 25 years and has his corporate offices in Grand Rapids, Michigan. Tubbergen is CEO of PLP Advisors, LLC and has an online blog that can be read at http://www.dennistubbergen.com. To view Tubbergen’s latest Moving Markets? newsletter, go to www.moving-markets.com.
The opinions expressed herein are those of the writer and not necessarily those of USA Wealth Management, LLC. This update may contain forward-looking statements, including, but not limited to, statements as to future events that involve various risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those that were forecasted. Therefore, no forecast should be construed as a guarantee. Prior to making any investment decision, individuals should consult a professional to determine the risks, costs, benefits and fees associated with a particular investment. Information obtained from third party resources is believed to be reliable but the accuracy cannot be guaranteed.