"Since June 2023, Americans have been increasingly employed in part-time positions, with a subsequent decline in full-time work, according to data from the Bureau of Labor Statistics (BLS).
“As the number of full-time workers falls and the number of part-time workers rises, the average hours worked drops — now at the lowest level since the Great Recession, outside of the COVID crash,” Antoni told the DCNF. “This doesn’t point to a robust economy or tight labor market, but systemic weakness. As soon as the debt-fueled spending binge by the government and consumers ends, the music stops and we’ll find out there are nowhere near enough chairs for everybody currently dancing.”
The average number of hours that employees worked per week declined to 34.1 in January, the lowest point since 2010 when the country was recovering from the Global Financial Crisis and the Great Recession, excluding a brief drop during the COVID-19 pandemic, according to FRED.
The federal debt exceeded $34 trillion for the first time ever just before the end of 2023, increasing from $33.17 trillion in the third quarter, equating to an over $800 billion deficit gain in just the fourth quarter. The U.S. gross domestic product only increased by $328.7 billion despite the increase in debt."
