In the first quarter of the year, 139,800 jobs were lost, marking the most significant decline since the pandemic and excluding 2020 since 2014. This decrease was mainly due to the destruction of full-time jobs, with 199,700 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 hardest hit sectors during this quarter were professional, scientific and technical industries. Other industries that experienced losses include financial activities, wholesale and retail trade, public administration and domestic employer activities. However, education, hospitality, commerce and entertainment industries saw growth in part-time employment due to Easter falling in March.
The increase in part-time employment can be attributed to several factors such as the rise in minimum interprofessional wage leading 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, a rise in employed individuals not working due to illness or temporary disability has contributed to this trend.
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