Unemployment report in a nutshell: the Taco Bell that had 30 40 hour workers now has 40 30 hour workers.
Part-time work surged to an all-time high of 28 million. But full-time work lost 240,000 jobs. It is now 6 million below the all-time high set in 2007. The second largest employer in the country (behind only Walmart) is now the temp agency, Kelly Services.
More employment numbers from James Pethokoukis:
- Wow, the U-6 rate (unemployed, discouraged, underemployed) surges to 14.3% from 13.8%
- Obamacare? | Those employed part time for economic reasons increased by 322,000 to 8.2 million in June
- 11.1%: What the US jobless rate would be if labor force participation were back to pre-recession levels
- But using Goldman Sachs estimates that subtract demographics, 9.1% rate is more in the ballpark