Last week’s employment report in 4 charts …

Lots of hoopla last week that the unemployment employment rate dropped to 6.1% as employers added 288,000 jobs

Yep, 288k jobs added … which continues a year-over-year running rate growth in employment of slightly less than 2% …  a little less than real GDP year-over-year growth.

FRED Total Employment  June 2014

But, there’s more to the story.

Let’s dissect that 288,000 …


Total employment was up 288,000 … driven by part-time employment which soared by 799,000



Think about that for a second.

Part-time employment up by almost 800,000 but total employment only increased by 288,000.

How can that be?


Answer: Full-time employment dropped by over 500,000




And, full-time employment has been buoyed by government hiring.

Since the start of the year, government employment has increased about 4%.

Government Employees - June 2014



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