On the surface, this appeared to be a very strong jobs report from both the household survey and establishment survey perspective.
The establishment survey reported a gain of 288,000 jobs while the household survey sported a gain in employment of 407,000. In addition, May was revised up from +217,000 to + 224,000, and April revised up from +282,000 to +304,000.
Digging deeper into the details, strength was entirely part-time (and then some).
Voluntary part-time employment rose by a whopping 840,000 and involuntary part-time employment rose by 275,000.
Compared to a total gain of employment of 407,000, the gain in total part-time employment was 1,115,000. I confirmed with the BLS that one cannot directly subtract those numbers because of seasonal reporting.
However, one can compare seasonally-adjusted full-time employment this month to seasonally-adjusted full-time employment last month. Doing so shows a decline in full-time employment of 523,000!
May BLS Jobs Statistics at a Glance
Additional Notes About the Unemployment Rate
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 24th, 2014 | John Ransom
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