Obamacare Strikes: Part-Time Jobs Surge To All Time High; Full-Time Jobs Plunge By 240,000
As a reminder: jobs have quantity and quality components. The quantity component was good enough to convince the 10 Year the taper is imminent (if not stocks, which continue to trade dislocated from any and all fundamentals). But how about the quality? In a word: not good. In June, the household survey reported that part-time jobs soared by 360,000 to 28,059,000 - an all time record high. Full time jobs? Down 240,000. And looking back at the entire year, so far in 2013, just 130K Full-Time Jobs have been added, offset by a whopping 557K Part-Time jobs. And there is your jobs "quality" leading to today's market euphoria (if only for now).
June full-time vs part-time:
This is just the tip of iceberg. The state run exchanges are having numerous problems getting started, insurance rates are beginning to skyrocket(especially for young healthy people on whose backs this program will be run), and by the way, we don't have enough primary care physicians to meet the increased demand for services. There will be more delays in implementation, and probably some serious changes to the regs now that the IRS has to figure how to put this hogwash into practice.
