(DCNF)—Nearly 350,000 Americans settled for part-time jobs in July according to Bureau of Labor Statistics (BLS) data released Friday.
The U.S. unemployment rate rose .2% to reach a near three-year high of 4.3% in July, with just 114,000 nonfarm payroll jobs being added, well below the 179,000 jobs added in June, according to the BLS. Meanwhile, the number of American workers employed part-time because their hours were reduced or they could not find full-time jobs increased by 346,000 to 4.6 million, raising the specter of recession, according to economists who spoke to the Daily Caller News Foundation.
“Employers have been shedding full-time jobs because of lackluster demand and increased uncertainty. This is a very common behavior by firms as the economy heads into recession,” E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, told the DCNF. “The Biden-Harris administration has turned the American labor market into a temp agency.”
All of the net job gains since Jun '23 have been part-time employment; while the economy hemorrhaged 1.1 million full-time jobs, part-time jobs rose 5.6%, b/c it's nothing more than a gig recovery at this point: pic.twitter.com/I93rtpVL6w
— E.J. Antoni, Ph.D. (@RealEJAntoni) August 2, 2024
Since June 2023, the U.S. has netted a loss of roughly 1.1 million full-time jobs, meaning all of the approximately 2.7 million jobs added over the past 13 months have been part-time, according to the the Federal Reserve Bank of St. Louis (FRED).
“I think this job’s report is showing us the toll of high inflation, the toll of interest rates that remain elevated to combat the inflation and the fact that consumers are largely tapped out as a result, as demonstrated by dramatically increased credit card debt,” Aaron Hedlund, director of research at the America First Policy Institute, told the DCNF.
Inflation sat at 3.0% year-over-year in June, well above the Federal Reserve’s 2% target, while prices have risen more than 20% since President Joe Biden took office in January 2021.
Average nominal hourly earnings for private nonfarm employees increased by 0.2% to $35.07 in July, an increase of 3.6% from a year prior, according to BLS data.
To combat elevated inflation, the Federal Open Market Committee (FOMC) kept the federal funds rate target range between 5.25% and 5.5% at its meeting Wednesday, marking the eighth meeting in a row where the FOMC has chosen not to adjust the rate.
High interest rates increase the cost of borrowing for consumers and businesses alike. Credit card delinquency rates reached their highest level since 2012 in the first quarter of 2024, with 2.59% of credit card balances more than 60 days overdue and total revolving balances hitting a record $628.6 billion.
Meanwhile, elevated inflation and interest rates have exhibited downward pressure on Americans’ bank accounts, with the personal savings rate falling to 3.4% in June, far from its peak of 32% during the COVID-19 pandemic, according to FRED.
The healthcare and government industries accounted for just over 63% of jobs added in July, with 55,000 and 17,000 jobs added respectively. In 2022, government sources accounted for just over 45% of healthcare spending, according to the Congressional Research Service.
On July 5th, the White House issued a press release claiming the Biden administration created a record 15.7 million jobs since entering office.
“Just like the incredible lie that inflation was ‘over 9%’ when Biden took office, the employment accomplishments they are attempting to take credit for are absurd as well,” Peter C. Earle, senior economist at the American Institute for Economic Research, told the DCNF.
The White House did not immediately respond to a request for comment.
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Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
