Jobs Report – Danger on the Horizon
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Attention. This is a test of progressive economic policies. This is only a test. If this were a real economic recovery, you would be seeing more jobs and higher wages. We repeat. This is only a test.
Total employment rose by 293,000 during April, but part-time jobs increased by 441,000. As a result, full-time jobs declined by 148,000.
The number of “full-time-equivalent” (FTE) jobs** only increased by 73,000. This was not enough to keep pace with the growth of our working-age population, so the “FTE jobs ratio” (the number of FTE jobs per 100 working-age Americans), fell.
While the “headline” (U-3) unemployment rate declined by 0.1 percentage points to 7.5% during April, the broader U-6 rate increased by 0.1 percentage points (to 13.9%). The even-more-comprehensive “SGS Alternative” unemployment rate also rose by 0.1 percentage points, equaling its record high of 23.0%, a level it first attained in December.