“I tried for modelling work but it was a bit slow and that’s when I took a part-time job at McDonalds. It gave me income while I was waiting for my big break and at the very least I could eat.” Sharon Stone
Friday as the jobs report was being released Ryan Sloper and I were doing our weekly podcast.
In real time we saw the headline non farm payroll number come in better than expected and speculated the bond, gold and silver markets would react negatively as a positive job number might mean the dreaded tapering of quantitative easing (QE) by the Federal Reserve might begin soon.
We also speculated that the job number might not be as good as it seemed as many of the jobs created might have been part time work. Moments later we saw that underemployment rate rose from 13.8% to 14.3% confirming our suspicions. We noted that the market, at least on Friday, would pay attention only to the headline “solid” jobs report. The bond, gold and silver markets sold off on Friday. The stock market cheered the “good news”.
But a closer look reveals the job numbers were not good at all....
The Part Time Recovery by the Numbers
Investor’s Business Daily broke down the state of our part time employment economy this way:
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