In the past, wrote a blog entry about the surge in multiple jobholders and how it can be used as a good indicator in pointing out future market trends. Less than one year later, that surge appears to be happening again. Along with the anemic growth in economic output, slow wage growth and weak productivity numbers, the Great Stagnation seems to be in full effect.
Last month, single jobholders reached a three month low, while multiple jobholders hit an 11-month high of 7.3%; reaching the highest growth levels since 2008.
Specifically since May 2015, multiple jobholders have increased by 752,000 while single job holders have increased by 384,000. This means majority of the growth in employment is the result of multiple jobholders.
Strong surge in payroll prints, most of which originated from people holding more than one job; followed by average hourly earnings dropping from $24.25 to $24.24.
I guess in this recovery, people are working two jobs just to make enough money to be broke.
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