"Behind the optimistic headline news on jobs is the far more sobering fact that the United States lost 523,000 full-time jobs in June, the most in 20 years.
This was offset by a gain of 799,000 part-time jobs.
No prizes for guessing why average wages have not risen much.
This is fully consistent with the 2.9 per cent slump in GDP in the first quarter as firms move to more flexible and less expensive labour.
The figures show full-time jobs tumbled by 523,000 to 118.2 million while part-time jobs rose by 799,000 to over 28 million.It’s a question of the quality of employment rather than the quantity.
This is a weakening and not strengthening jobs market."
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