today's jobs numbers stunk...
and to think otherwise is to not know the facts - or intentionally overlook them - neither of which is wise:
ShadowStats:
- Full-Time Employment Plunged by 240,000 in June
- Economic Issues Accounted for 75% of Gain in Part-Time Employment
- Number of Short-Term Discouraged Workers Increased by 197,000
- June Unemployment: 7.6% (U.3), 14.3% (U.6), 23.4% (ShadowStats)
- Payroll Gains Were Warped Heavily by Inconsistent Seasonal Factors
From Zero Hedge.
As a reminder: jobs have quantity and quality components. The quantity component was good enough to convince the 10 Year the taper is imminent (if not stocks, which continue to trade dislocated from any and all fundamentals). But how about the quality? In a word: not good. In June, the household survey reported that part-time jobs soared by 360,000 to 28,059,000 - an all time record high. Full time jobs? Down 240,000. And looking back at the entire year, so far in 2013, just 130K Full-Time Jobs have been added, offset by a whopping 557K Part-Time jobs. And there is your jobs "quality" leading to today's market euphoria (if only for now).
