Stocks were boosted on this morning’s employment report which showed a gain of 288,000 jobs. That included a gain in part-time employment of 275,000. Even “better,” the household survey showed a total gain of employment of 407,000. Sounds “good?” Look inside. The gain in total part-time employment was 1,115,000. One cannot directly subtract those numbers because of seasonal adjustments, but one can compare full-time employment this month to last month. Doing so shows a decline in full-time employment of 523,000. That is not good.

The net is that apparent gains in employment are just trading full time jobs for part time jobs. Obamacare? Probably, but no real way to tell, could just be the “retailization” as making slowly dribbles away. Near where we live they’re building retail like crazy – mostly “big box” – even though there is little residential development. What’s up with that?

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