October's hiring strength came with more workers stuck on part-time hours.
Payrolls rose by 165,000. Separately, part-time employment for economic reasons increased by 339,000 to 4.8 million. Those workers wanted full-time work but had their hours cut or couldn't find it.
Don't subtract the figures: payrolls count jobs, while the household survey counts people.
For $BTC , my read is a mixed policy setup. Strong hiring weakens the case for quick easing, but the part-time increase warns against assuming household demand is healthy across the board.
Watch Treasury yields around November 10's inflation report. A payroll beat alone doesn't settle the growth-versus-inflation trade.
Payrolls rose by 165,000. Separately, part-time employment for economic reasons increased by 339,000 to 4.8 million. Those workers wanted full-time work but had their hours cut or couldn't find it.
Don't subtract the figures: payrolls count jobs, while the household survey counts people.
For $BTC , my read is a mixed policy setup. Strong hiring weakens the case for quick easing, but the part-time increase warns against assuming household demand is healthy across the board.
Watch Treasury yields around November 10's inflation report. A payroll beat alone doesn't settle the growth-versus-inflation trade.
