Vicki Needham at the Hill writes that:
Robust hiring in June may put the Federal Reserve on a faster-than-expected timetable to wind down its massive efforts to stimulate the economy.
The Fed doth move in mysterious ways and perhaps views the June BLS report as proof of "robust hiring." But in the universe where common sense still counts for something, the report probably won't be seen as all that red hot. As James Pethokoukis writes:
The economy lost 240,000 full-time workers last month, according to the more volatile household survey, while gaining 360,000 part-time workers. In other words, the entire increase in the household measure of employment was accounted for by persons working part-time for economic reasons. The underemployment rate surged to 14.3% from 13.8%.
There are 28 million part-time workers in US vs. 25 million before the Great Recession. There are 116 million full-time workers in US vs. 122 million before the Great Recession. In other words, 19% of the (smaller) US workforce is part time vs. 17% before the Great Recession
"Robust," does not, somehow, seem like the word. But the Fed speaks, and thinks, in tongues mere mortals cannot comprehend.