So, About that Jobs Report…

By now, you’ve no doubt heard or read about the September jobs report. To be sure, the numbers look odd and don’t easily add up, but there could be a couple explanations for those hundreds of thousands of new folks who apparently hit the job market.

First is Philip Klein’s McJobs theory, which posits that most of what we’re seeing are part-time jobs in low-wage positions that don’t goose overall economic growth upwards as much as we’d expect.

Second is my shadow economy theory, which suggests we’re seeing not only a big increase in low-wage part-time jobs but also a sizable number of people who have found other ways to make ends meet.

Regardless of which is true (and I suspect both are), our economy is not recovering very well at all, which ought to be the real headline this morning.