The new job numbers for March were strong with 300,000 jobs added in the establishment survey and 500,000 in the household survey. But those positive headline numbers camouflage a very disturbing trend in the labor market. Almost all of the new jobs on the net are part-timers. That means a part-time paycheck.
Stock market advisor Stephanie Pomboy of MacroMavens has analyzed the number and reports that in the last four months, the labor market has LOST 1.8 million full-time jobs.
Here is a handy summary for the past year:
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- Overall payrolls up 1.9%
- Part-time jobs up 7.5%
- Full-time jobs down -1.35%
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How many of the 300,000 jobs are double counting people holding TWO jobs?