An increase in involuntary part-time work is evidence of weakness in the labor market and it means that many people will be having a very hard time making ends meet.
One feature of the early part of the expansion was a steep dive in the labor market participation rate of teenagers, as more opted to wait out a weak job market by attending college.
The resilient labor report effectively reverses the softness we saw in labor markets over the summer, which had reintroduced hard landing risks into markets, driving big outperformance in bonds and defensive stocks.
Now, this is a small share of the total number of workers in the U.S. economy, but an increase in this number is considered a sign of a softening labor market.
That's after sector bellwether LVMH Missed sales expectations in the first quarter, driven by weakness in Chinese demand and a slowdown in the U.S. as concerns grow around consumer sentiment.