It's a pretty tidy formulation and probably a decent way to think of economic growth and the cycles along the way.
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So far this year there have been 848,000 new jobs. Of those, 813,000 are part time jobs... To put it differently, an incredible 96% of the jobs added this year were part-time jobs.
Update: This seems like a funny way to calculate things. If we're going to use the CPS data, why not use the reported full-time and part-time employment measures directly. By that accounting the fraction of jobs created this year that are part-time is 59%. Still high, but not quite as stunning.
Update 2: Here's the problem with John's calculation: Part-Time for Economic Reasons (LNS12032194) + Usually Work Part Time Noneconomic Reasons (LNS12005977) does not equal Total Part Time Workers (LNS12600000). To his credit, that's a little surprising to me too.
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Mortgage market weirdness: Jumbo mortgage rates are lower than conventional mortgage rates.