Further evidence of a weakening labor market:

The number of Americans employed part-time for economic reasons jumped +909,000 in October and November, to 5.5 million, the highest since March 2021.

This counts workers who want full-time jobs but cannot find them, usually because hours were cut or full-time work is unavailable.

Since June 2022, the number of people working part-time for economic reasons has risen +1.9 million, or +51%.

As a consequence, this metric now represents 3.2% of the total labor force, the highest since May 2021.

This is in-line with levels seen at the beginning of the 2008 Financial Crisis and above the 2001 recession peak of 3.0%.

The labor market needs rate cuts.

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