Jobs Drop Stokes Recession Fears
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Full-time jobs as a percentage of working-age population dropped sharply in recent BLS report, suggesting higher recession risks.
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Robust services sector previously enabled economy to avoid manufacturing recession, but services growth slowing.
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Full-time jobs critical to household consumption cycle; part-time jobs don't provide wages to support families.
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Companies already cutting back on full-time jobs to protect earnings as economy slows.
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Historical evidence shows recessions ensue if full-time jobs decline continues, though soft landing still possible.