94% Of New Jobs Last 10 Years Are On-Call, Contract, Self-Employed & Temp

ADP Private Jobs Employment Report (December 2016)

– Private Jobs 153,000. Previous was 215,000

One thing about the jobs market is that while Initial Jobless Claims remain low the nature of jobs added in the past 10 years had been disappointing.

This report by Princeton economist Alan Krueger states that “all of the net employment growth in the U.S. economy from 2005 to 2015 appears to have occurred in alternative work arrangements.” These are on-call employees, contract workers, self-employed and temporary employees. In a more recent report co-authored by Krueger the percentage of job gains which were alternative work arrangements was put at 94%.

 

 

Initial Jobless Claims (week ended 12/31/2016)

– New Claims seasonally adjusted 235,000. Previous was 263,000
– New Claims unadjusted, totaled 348,039 an increase of 9,991 from previous
– 4-week Moving Average seasonally adjusted 256,750. Previous was 262,500

The seasonal adjustments are always large post-Christmas.

 
Challenger Job-Cut Report (December 2016)

– Announced Layoffs 33,627. Previous was 26,936.

This bit of data does not really have a strong correlation coefficient with Initial Jobless Calims. One thing is that the layoffs may take place over many months.

 
PMI Services Index (December 2016)

– Level 53.9. Previous was 54.6

 
ISM Non-Manufacturing Index (December 2016)

– Composite Index 57.2. Previous was 57.2