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%.
View original post 764 more words