BREAKING: Top White House economist confirms 94% of jobs created under Obama were part time

h/t Cody McLeod…

From Zerohedge:

Krueger, who until 2013 was also the top White House econo­mist serving as chair­man of the Council of Econom­ic Advis­ers under Obama, was “surprised” by the finding.

Quoted by quartz, he said “We find that 94% of net job growth in the past decade was in the alter­na­tive work catego­ry,” said Krueger. “And over 60% was due to the [the rise] of indepen­dent contrac­tors, freelancers and contract compa­ny workers.” In other words, nearly all of the 10 million jobs creat­ed between 2005 and 2015 were not tradi­tion­al nine-to-five employ­ment.

While the finding is good news for some, such as graph­ic design­ers and lawyers who hate going to an office, for whom new technol­o­gy and Obamacare has made it more appeal­ing to become an indepen­dent contrac­tor. But for those seeking a steady admin­is­tra­tive assis­tant office job, the market is grim. It also explains why despite an appar­ent recov­ery in the labor market, wage growth has been non-existant, due to the lack of career advance­ment and salary increase options for this vast cohort which was hired over the past decade.

The decline of conven­tion­al full-time work has impact­ed every demograph­ic. Whether this change is good or bad depends on what kinds of jobs people want. “Workers seeking full-time, steady work have lost,” said Krueger. He then added, perhaps sarcas­ti­cal­ly, that “while many of those who value flexi­bil­i­ty and have a spouse with a steady job have proba­bly gained.”

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