Recovery summer, part V

Zero Hedge had all the Wall Street projections for job growth this morning:

Deutsche Bank 225K

Goldman Sachs 200K

UBS 195K

Bank of America 180K

Barclays 175K

JP Morgan 175K

HSBC 165K

Citigroup 175K

Well, the number are out and the economy added 162K jobs in July while previous months were revised down.  Yet the unemployment rate dropped to 7.4%?  How can that be?  Well: "Workers spent fewer hours on the job and hourly earnings fell for the first time since October."  And the participation rate dropped yet again to a new low of 63.4%.

More - Converting America into a part-time economy.