On Friday, the BLS released a better-than-usual jobs report for the month of April. The number of jobs created increased by 168,000, and there were some positive revisions for the past two months. However, when you dig a little deeper into the details, you will find a permanently lethargic job market, endemic of the massive distortions created by Obamacare.
The total increase in jobs was almost completely countermanded by this staggering note: “involuntary part-time workers” increased by 278,000 to a whopping 7.9 million. This means that a number of employers are cutting back their workers to part time (defined as less than 30 hours), so they can avoid the steep costs of paying for their healthcare under Obamacare.
The Obamacare job market reality is also born out in two other statistics. The average weekly hours fell to 34.4 from 34.6, and the average weekly earnings fell to $821.13 from $824.52. Hence, when a jobs report like the one released for April is considered the best report in a while, we are is serious trouble.
Parting thought: Imagine what mass amnesty would do to the Obamacare job market? Ironically, in an attempt to show that the RPIs will not receive obamacare benefits, they are creating another problem – tilting the labor force towards the amnestied aliens. Employers must provide health coverage for all full-time employees or contribute $3,000 towards government coverage for that individual. Given that the RPIs will be excluded from the program, employers will be exempt. They will have a $3,000 incentive to hire those individuals over everyone else.
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