While we already assessed the quantitative aspect of today's jobs report, which we characterized as abysmal because even when factoring in the 35,000 Verizon job losses, there was some 130,000 unexplained layoffs (sorry, it wasn't the weather), it is time for a look at the qualitative aspects of the report. And, we are sad to report, that things here go from bad to worse: while in the recent past disappointing headline payrolls were at least offset by an improvement in full-time jobs, this did not happen in May. Instead, in what may have been a BLS "kitchen sink" month, the US government reported that in May 59,000 full-time jobs were lost. This, however, was "offset" by 118,000 part-time jobs as America's transformation to a part-time worker society is bag with a vengeance.
Worse, over the past two months, the US labor force has seen a whopping 312K full-time jobs lost, offset by 118K part-time job gains.
The longer-term trend also shows a clear reversal pattern as increasingly more part-time jobs are created to replace axed full-timers.
And keep in mind you ain't seen nothing yet: once the full impact of soaring Obamacare costs hits in a few months, business will scramble to reclassify workers as part-time to circumvent the law's profit-extracting limitations.