The first quarter of 2021 ended with a loss of 139,800 jobs, the most significant since the pandemic and not counting 2020, since 2014. This was primarily due to the destruction of full-time jobs. In total, the number of people employed with full-time work decreased by 199,700, while 59,900 part-time positions were created. This means that for every part-time job created, three full-time jobs were lost. In comparison, the relationship was almost one to one in the first quarter of last year.
In terms of specific sectors, professional, scientific and technical activities experienced the most significant losses in full-time employment during the first quarter of this year. Financial and insurance activities also contributed significantly to this loss. On the other hand, education saw an increase in part-time positions as did hospitality and commerce. Artistic recreational and domestic employment also saw an increase in part-time positions.
The growth of part-time employment in certain sectors has been influenced by seasonal factors such as Easter falling in March this year. Additionally, an increase in the Minimum Interprofessional Wage may have led to a shift from full-time to part-time jobs in some industries to reduce labor costs.
Overall, despite these factors contributing to a decrease in total hours worked in the economy, more people are working part-time compared to previous years. It is important to consider these changes when analyzing labor market trends.
The data shows that during Q1 2021 there was a significant decline in employment numbers due to full time job destruction. This marks a sharp rise since Q1 2020 when only 346 thousand jobs were lost.
Furthermore it is evident that certain sectors have been hit harder than others; professional scientific and technical sectors as well as financial and insurance activities have seen notable losses while education has experienced growth with an increase in part time positions.
Seasonal factors such as Easter falling in March this year may have contributed to some growth in certain sectors’s part time positions while increases in minimum wage may have caused some industries to shift from full time to part time employees for cost saving measures.
It is clear that despite these factors leading
