Friday, August 02, 2013

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
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.

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