Is this the reason for the blowout, on the surface, payroll number? In June the BLS reports that the number of full-time jobs tumbled by 523K to 118.2 million while part-time jobs soared by 799K to over 28 million!
Looking at the breakdown of full and part-time jobs so far in 2014, we find that 926K full-time jobs were added to the US economy. The offset: 646K part-time jobs.
The fact that the BLS just reported June part-time jobs rose by just shy of 800,000 the biggest monthly jump since 1993, will hardly get much airplay today. Because remember: when it comes to jobs, it is only the quantity that matters, never the quality.
... just in case there is any confusion why there is zero real wage growth (for two months in a row now), and why it will take a few more months before experts start tossing the word stagflation a little more casually.
Part time workers who want full time work have fallen by 800,000 in the past year. Long term unemployment has fallen by 1.2 million!! Full time jobs have risen by 2 million in the past year. All objective observers said it was a strong report. Only those who want to find something bad saw it that way.
"June Full-Time Jobs Plunge By Over Half A Million"
Interesting choice of words. If the Dow goes down by 68 points in a month, did it "plunge", or was it a "down month, but not that big of a deal"?
mr moe...nice post. I
have never gone to the BLS website to see how fine they slice and dice the data, but I did based on your post....pretty impressive in my opinion. I didn't quite see the same figures you were quoting in the summary (which was two pages of info)...it maybe further in the details. For anyone wanting to look at data in detail...search "employment situtation summary bls" and you should go right to the data (june data posted today) .
I think you are right, not much detail gets media coverage..honestly I think that is becaue the average reader has no stomach for details...they want a sentence, a single metric to tell them everything.
good post !