obamacare

Initial Reaction

The establishment survey showed a gain of 175,000 a reasonably good but not spectacular print. The bright spot was involuntary part-time employment only rose by 26,000 so most of the jobs were (for a change) full-time jobs.

The civilian labor force rose by 420,000 for a change, enough to raise the unemployment rate 0.1 percentage points to 7.6%.

The Participation Rate rose 0.1 to 63.4%, just off the low of 63.3% dating back to 1979.

Obamacare Effect

Given there was not a huge jump in part-time employment this month, the bulk of the Obamacare effect of employers reducing hours from 32 to 25 (and hiring hundreds of thousands of new employees to make up the hours) may have mostly played out.