Economists were surprised by the massive "beat" in Friday's reported job numbers. The unemployment rate dropped 0.2 percentage points to 7.7% and the economy allegedly added 236,000 jobs. But is that what really happened? Not really.
According to the household survey (on which the unemployment rate is based), the economy added a healthy 170,000 jobs. The survey also shows a tremendous increase of 446,000 part-time jobs.
What this means is that the economy actually shed 276,000 full-time jobs.
The Bureau of Labor Statistics labeled those 446,000 part-time jobs as "voluntary," but I am not so sure.