U.S. Job Growth Overstated Due to Government Sector Gains; Full-Time Jobs Declining
- U.S. overstated jobs reports by 439,000 through November 2023, meaning job market not as strong as suggested
- Government sector driving high job creation numbers
- Health care and social assistance sector relies heavily on government spending
- U.S. labor force participation at historically low 62.5%
- 1.5 million full-time jobs lost since June 2022, while 796,000 part-time jobs added