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:
Source: BLS
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