Job Losses Soar in Q1: Full-Time Employment Drops to Record High Since Pandemic

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 professional, scientific, and technical sectors were hit hardest by the destruction of full-time employment during this quarter. Other industries that experienced losses include financial activities, wholesale and retail trade, public administration, and domestic employer activities. On the other hand, education, hospitality, commerce, and entertainment industries saw growth in part-time employment due to Easter falling in March.

The increase in part-time employment could be attributed to several factors such as the rise in the Minimum Interprofessional Wage leading employers reducing working hours to save on labor costs. Despite an overall growth in employed individuals across different industries