A simplistic, superficial take of today's jobs report would conclude that the red hot jump in nonfarm payrolls indicates a "strong hiring market" (just ignore the jump in the unemployment rate). Nothing could be further from the truth. Recall that back in August and September, we showed that a stark divergence had opened between the Household and Establishment surveys that comprise the monthly jobs report, and since March the former has been stagnant while the latter has been rising every single month. In addition to that, full-time jobs were plunging while part-time jobs were soaring. Fast forward to today when the ... (full story)