The Real June Jobs Numbers

According to this report, the net 288,000 jobs added in June 2014 had the following breakdown:

• over half a million full-time jobs were lost, and
• 799,000 lower paying, benefits-free part-time jobs were added.

http://www.zerohedge.com/news/2014-07-03/who-was-hiring-june

And in case you weren't watching, the number of people no longer participating in the labor force is at an all-time high:

http://www.zerohedge.com/news/2014-07-03/people-not-labor-force-rise-new-record-participation-rate-remains-35-year-lows

What kind of "improvement" is that?

As I have said many times before, this is not a recovery it is a restructuring. And when it's over (if it ever is), we'll look just like the former USSR: a few hundred oligarchs and about 350 million serfs.