June added 195,000 jobs when about 165,000 were expected. That’s better than predicted.
The unemployment rate stayed the same at 7.6%. The underemployment rate jumped from 13.8% to 14.3%. This is the one I would tend to believe more than the 7.6% since those who dropped out of the jobs search are no longer counted in the monthly number.
As you might expect, that’s still not the whole story. Leave it to ZeroHedge to explain:
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).