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Jobs Data Mow Down 'Green Shoots'
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Behind the June jobs numbers is the information that the average workweek fell to 33 hours, the lowest ever on record, and 0.8 hours lower than before the recession began. With the extra 48 minutes the same aggregate work says Denning of the WSJ, could be done by 3.3 million fewer employees. And the unemployment rate would then be 11.7% rather than the 9.5% it is now. The number of people working parttime has doubled to about 9 million or about 5.8% of the workforce. Employers will first try to employ parttime workers as full time, and increase hours of existing workers before they hire new workers deepening the recession.
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