"The job market is flashing signs the US is still headed for a hard-landing, Danielle DiMartino Booth says. The forecaster pointed to workers rolling off unemployment benefits, while part-time jobs have soared. Consumers could eventually pull back on spending, causing the US to tip into a downturn, she said."
The second factor is the number of part-time workers in the US, which has climbed to an all-time high and suggests that the hiring picture isn't as strong as may appear. The number of employees that usually work part-time climbed to 28.2 million in August, the highest number since the government began recording the data in the 1960s, BLS data shows.
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