◼ The release of the June Jobs' Report Friday was something of a relief for the markets. The Labor Department reported that the economy gained 195,000 jobs in June, which beat economists' expectations. - Mike Flynn/Breitbart
The Department also reported that the economy gained 70,000 more jobs in April and May than it originally estimated. The report, however, also provides clear evidence that the the nation is splitting into two; only 47% of Americans have a full-time job and those who don't are finding it increasingly out of reach.
Of the 144 million Americans employed last month, only 116 million were working full-time. Friday's report showed that 58.7% of the civilian adult population of 245 million was working last month. Only 47% of Americans, however, had a full-time job.
The market's positive reaction to Friday's report is another sign of how far our economic expectations have fallen.
◼ June Jobs Report: Part-Time Jobs Up, Full-Time Jobs Down - PJM
This is the ObamaCare effect. Obama’s health care law incentivizes employers to drop workers to below 30 hours per week in order to avoid incurring liabilities or fines. Or, if the employer is near the 50 employee mark, to trim down to below 50 to escape ObamaCare altogether.
Factor in the fact that the rate of participation in the job market remains at a historic low, and the economy remains weak. McJobs won’t power a full recovery.
