In the first quarter of the year, the economy experienced a significant loss of employment, with 139,800 jobs being lost. This represents the most pronounced decline since the pandemic and since 2014, not counting 2020. The primary reason for this was the destruction of full-time jobs. In total, 199,700 full-time positions were lost while 59,900 part-time positions were created. For every part-time job created, three full-time jobs were lost. This relationship was almost one to one in the first quarter of last year.

The professional, scientific and technical sectors, financial and insurance activities, wholesale and retail trade, public administration, defense, social security and household activities experienced significant losses in full-time employment during the first quarter of the year. On the other hand, education, hospitality, commerce and artistic recreational domestic employment saw an increase in part-time positions.

The growth in 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, total hours worked in the economy decreased due to more people working part-time compared to previous years. The increase in part-time employment and shift from full-time to part-time positions may have contributed to this decrease.

Moreover, there has been an increase in the number of employed people who are not working due to illness or temporary disability continuing a trend from last year. It is important to consider this shift when analyzing the state of labor market.

In conclusion