Part-time workers struggling for full-time roles rise, with 50%+ of job growth led by government sectors.

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Interpreting unemployment data has never been straightforward, and the latest numbers are no exception. The narrative is shifting, and the rising cries of those stuck in part-time jobs while desperately seeking full-time work are growing louder. Recent figures reveal a troubling reality: we lost 438,000 full-time jobs while gaining 527,000 part-time positions. This “job growth” isn’t what it seems; part-time workers typically struggle to secure mortgages and purchase homes, adding further strain to an already fragile housing market.

While some may downplay this issue by attributing it to seasonal fluctuations—August often sees a significant decline in native-born employment, with previous years reporting losses of around 1 million—there’s a more alarming trend beneath the surface. When we examine the year-over-year changes, the numbers paint a stark picture: foreign-born workers increased by 635,000 in August, while native-born workers suffered a staggering loss of 1.325 million jobs.

Yes, you read that correctly: 1.3 million native-born Americans lost their jobs in August. The American labor market is far from strong, especially when we consider that much of the job growth over the past year has come from government sectors and healthcare—areas largely funded by taxpayers and not sustainable for long-term economic health.

Furthermore, the Job Openings and Labor Turnover Survey (JOLTS) data shows a concerning divergence between nonfarm job openings and the S&P 500. In 25 years, we’ve never witnessed a rising stock market without corresponding job growth. The disconnect since 2023 is alarming, raising serious questions about the market’s stability.

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As the Fed’s Williams expresses a desire to delve deeper into the latest jobs report data, the looming uncertainty cannot be ignored. The market may feel like a circus, but for millions of Americans, this is a harsh reality that demands attention. The need for a sustainable, equitable labor market has never been more urgent.

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