July 4, 2014
The jobs report always comes out like a Black Box of economic data. While we added 288,000 jobs on the surface, digging deeper into the report we find that part-time work for economic reasons increased by 275,000 in the same month. Year-over-year inflation is eating away at purchasing power.
The employment report was actually weak but on the surface one of the stronger reports we have had since the Great Recession ended. What is more troubling however, is the report is showing that the nation is settling into a comfortable zone where low wage jobsare becoming a more common part of economy. What also isn’t mentioned is that we have over 6.1 million Americans not in the labor force but that want a job right now. We’ve discussed the “not in the labor force” category before but this subset is very specific and shows that finding a job in the economy today isn’t all that easy, especially one that pays a livable wage.
The stock market of course makes a record while other indicators like food stamp usage remain near peaks as well. Working part-time is becoming a much bigger part of our workforce.
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