"Ironically, the surge in multiple jobholders - which translates into steady nonfarm payrolls gains - indicates just the opposite of what the Biden admin wants to telegraph. Instead of a strong labor market, it merely confirms that a record number of Americans now have to work two or more jobs to make ends meet as a result of the runaway inflation unleashed by the Fed and the Biden admin."
An alternative interpretation - not that the Biden regime isn't capable of fiddling the books - is that the jobs market everywhere, not just in the US - is fundamentally changing. The new normal may be that the jobs market may be made up of two sizable components - holders of full time jobs and holders of multiple part time jobs. The fact that consumer spending isn't cratering in the face of price inflation may thus be a function of earnings stability along with a rise in debt. In other words, not yet code red.
