Surprising Job Losses: Full-time Jobs Destroyed and Part-time Jobs on the Rise in Q1

The first quarter of the year ended with a significant loss of 139,800 jobs, the most pronounced for this period since the pandemic and, excluding 2020, since 2014. This decrease was primarily due to the destruction of full-time jobs, with 199,700 full-time positions lost but 59,900 part-time positions created. This means that for every part-time job created, three full-time jobs were destroyed, compared to a ratio of 1.3 to 1 in the previous year.

The increase in part-time employment could be attributed to various factors such as the rise in the Minimum Interprofessional Wage and employers reducing working hours to save on labor costs. Despite an overall growth in employed individuals, total hours worked in the economy have declined, leading to an increase in part-time employment. Additionally, there has been a rise in people not working despite having a job due to illness or temporary disability.

In contrast to losses in other industries like financial activities and public administration, education saw growth in part-time employment due to Easter falling in March. Similarly, hospitality experienced growth as well due to people taking advantage of travel deals during this time. On the other hand, professional and scientific sectors were hit hardest by job losses during this quarter.

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