I’m sure you heard about how June unemployment dropped to 6.1 percent and employees added 288,000 jobs, seasonally adjusted by the Bureau of Labor Statistics. It was in all the papers. It spurred the stock market to jump.
Here is The Associated Press lede:
WASHINGTON (AP) — A surprisingly robust job market is energizing the 5-year-old U.S. recovery and driving the economy closer to full health.
Employers added 288,000 jobs in June and helped cut the unemployment rate to 6.1 percent, the lowest since 2008. It was the fifth straight gain above 200,000 — the best such stretch since the late 1990s tech boom.
What was not in the papers was that there was an increase, as the summer began, of 799,000 part-time jobs and a shocking decrease of 523,000 full-time jobs. That is a difference of 276,000. Where the number 288,000 comes from is your guess. Maybe it is all a guess. Full-time jobs have grown by more than 2 million in the past year and part-time jobs have remained steady. It is unclear why so many full-time jobs disappeared in one month.