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July Part-Time Work Jumps by 393,000; Full-Time Employment Down 54,000

Courtesy of Mish.

Initial Reaction

Today’s establishment survey shows jobs rose by a stronger than expected 209,000. Revisions were not a factor, subtracting 7,000 in May and adding 9,000 in June.

In the household survey, employment rose by 345,000. However, voluntary part-time employment rose by a whopping 469,000 while part-time for economic reasons dropped by 44,000.

Due to a quirk in the way the numbers are calculated, one cannot add the numbers together. The BLS says the aggregate number of part-time employees rose by 393,000 while Full-time employment fell by 54,000.

Don’t try adding any of these numbers together because the numbers will not total. However, We can say that the proper takeaway for the month is that strength was all part-time and then some.

Private earnings rose 2.7 percent in July. Year-over-year, private earnings are up only 2.4%.

Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.

BLS Jobs Statistics at a Glance

  • Nonfarm Payroll: +209,000 – Establishment Survey
  • Employment: +345,000 – Household Survey
  • Unemployment: +4,000 – Household Survey
  • Involuntary Part-Time Work: -44,000 – Household Survey
  • Voluntary Part-Time Work: +469,000 – Household Survey
  • Baseline Unemployment Rate: -0.1 to 4.3% – Household Survey
  • U-6 unemployment: +0.0 to 8.6% – Household Survey
  • Civilian Noninstitutional Population: +194,000
  • Civilian Labor Force: +349,000 – Household Survey
  • Not in Labor Force: -156,000 – Household Survey
  • Participation Rate: +0.1 to 62.9 – Household Survey

Employment Report Statement


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