By Michael Becker
CNN: June jobs report: Hiring beats expectations
ABC: June Jobs Report Shows Steady Improvement
NBC: Revved-up economy leads to jobs creation
CBS: Bipartisan praise for June jobs report
Etc, etc, etc.
Here’s the lede from CNN, and it pretty well mirrors the tone of the rest of the Obama Media Complex (OMC):
The job market made solid improvement last month, sending signals to markets that the Federal Reserve is on track to start pulling back on its stimulus program.
The economy added 195,000 new jobs in June, beating economists’ expectations of 155,000 jobs and matching the revised pace from May.
And let’s not forget that the U3 unemployment rate is unchanged at 7.6%.
Here’s some snippets from the Bureau of Labor Statistics June Report that you won’t find reported in the OMC.
- The number of unemployed is unchanged at 11.8 million.
- The number of long term unemployed (more than 27 weeks) is unchanged at 4.3 million.
- Labor for participation and employment to population ratio remain at all-time lows.
- Part time employees increased by 322,000 to an all-time high of 8.2 million. They’re working part time because they have had full time hours adjusted down or they can’t find full time work.
- There 2.6 million people who are not counted in the “workforce” because they’ve been out of work for a year or more and, while they’d like to be working, they haven’t looked for a job in the last four weeks.
And, from Zerohedge, here’s the real lowdown on the job report.
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).
Got that? Part time jobs at an all time high. Full time jobs down 240,000.
Hell of a job Barack. Hell of a job.
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