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June Jobs Increase: All Part-Time Workers As Full-Time Jobs Drop

Courtesy of ZeroHedge. View original post here.

While the headline prints in today's jobs report were solid with the exception of hourly earnings, which disappointed consensus expectations on both a monthly and annual basis, however not too dramatically earning the report a "goldilocks" name, a look below the surface reveals at least one ugly side to today's jobs report: all the job gains were for part-time workers, while full-time employment dipped modestly.

In June, the number of part-time workers rose by 145K to 27.028MM, while the full-time workers declined by a modest 89K to 128.658MM.

On a longer-term basis, however, this month's jump in part-time workers appears to be an outlier, with the bulk of job additions in the past year manifesting in the form of full time jobs.

Finally, the part-time print may merely be a statistical anomaly, because on an unadjusted basis full-time workers surged by over 900K, while part-timers actually dropped by just under 500K.

Still, this is a series worth keeping an eye on as an increase in part-time workers at the expense of full-timers may explain the ongoing inability of a tight labor market to translate into higher wages, which as a reminder, was the biggest disappointment in this jobs report.


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