Is That All There Is?

CNBC is reporting a good jobs report:

• unemployment does not budge: remains at 7.6%
• job growth below the magic number of 200,000
• the entire "increase" in jobs was due to part-time hiring
• full-time hiring actually decreased
• area of greatest growth: bartenders and fast-food restaurants

Analysis:

• "we're adding just enough jobs to keep with population growth; in other words we're trading water"
• the number of people employed part-time for economic reasons (in other words, not because they want to) increased by 322,000 to 8.2 million in June; this is a material increase and one that is concerning

I assume Joe Biden wrote the CNBC headline.

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