The facts behind the numbers
Jobs came in well above expectations at 242,000 despite tax data collections that support a Job Growth estimate of 55,000 to 85,000.
A quick dive into the details shows the report is a lot weaker than the headline number indicates. Of the 242,000 jobs added, 304,000 of them were part time. That means the economy actually shed 62,000 full-time jobs.
Average hours worked declined as did average weekly earnings despite minimum wage hikes in numerous states at the beginning of the year.
First let’s look at the BLS Employment Situation Summary, unofficially called the Jobs Report.
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