One worrying sign emerged from June’s job markets report — there was a big pickup in the ranks of those working part-time involuntarily.
According to the Labor Department, there were 452,000 people who said they were part-time for economic reasons. Part of that, the government said, were those whose hours were cut due to slack work or business conditions.
The series is a volatile one, but if the period around the COVID-19 pandemic outbreak is excluded, it was the biggest monthly rise since Aug. 2019.
Average weekly hours were 34.4 in June — a tenth above May’s reading, but down from the post-COVID peak of 35 hours in Jan. 2021.
U.S. stock futures
ES00,
were pointed lower after the release of the data, including the headline 209,000 rise in nonfarm payrolls.
“I’m in the good news is good for stocks camp and this data was probably slightly skewed to the bad side, which will drag on risk assets as the market digests it,” said Peter Tchir of Academy Securities.