The Two Scariest Charts From Today's NFP Report, Or The Real "New Part-Time Normal"

Back in February Zero Hedge was first to point out that while jobs may be growing (modestly) and the unemployment rate declining (rapidly, on the back of all those leaving the labor force), it was the quality of jobs that was troubling. Indeed, as today's NFP report once again showed, the average hourly earnings barely budged at $23.38 from $23.37 last month, and in fact declined on an inflation-adjusted basis. Why? Because as we predicted both in February (and in 2010) the US is

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