Jobs have both quantity and quality components. The quality of jobs right now is not good. In June a household survey reported that part-time jobs soared by 360,000 but full-time jobs fell 240,000. So far in 2013, just 103k full-time jobs have been added, compared to 557 part-time jobs.
Submitted by Tyler Durden
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).
June full-time vs part-time:
And the divergence historically:
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