This is ~300,000 above the peak seen before the pandemic and ~600,000 above the 2008 peak. Furthermore, the number of part-time jobs has jumped by ~3 million over the last 3 years to a near-record 28.2 million. Concerningly, full-time employment has declined by 1 million since November 2023. Multiple jobholders have been rapidly rising over the last few years as Americans are fighting record-high prices. Millions of Americans are working multiple jobs to afford basic necessities. Source: The Kobeissi Letter

Source: Bloomberg, David Ingles on X

The rally in Chinese markets lost steam on Tuesday after a briefing from the country’s National Development and Reform Commission provided few details on further stimulus. While mainland China’s CSI 300 skyrocketed over 10% at the open Tuesday in its return from the Golden Week holiday, the index pared gains to a 5% rise later in the session. Hong Kong’s Hang Seng index briefly plummeted over 10%, before recovering slightly to a smaller loss of 6.4%. Zheng Shanjie, chairman of China’s National Development and Reform Commission, on Tuesday pledged a raft of actions to bolster the country’s economy during a highly-anticipated press conference. But he stopped short of announcing any new major stimulus plans, underwhelming investors and weakening the rally in the mainland Chinese markets. China will speed up special purpose bond issuance to local governments to support regional economic growth, the senior NDRC official said. Zheng said ultra-long special sovereign bonds, totaling 1 trillion yuan, have been fully deployed to fund local projects, and he vowed that China will continue to issue ultra-long special treasury bonds next year. The central government will release a 100 billion yuan investment plan for next year by the end of this month, ahead of schedule, a senior official added. Zheng also promised that more measures are coming that aims to support the property market and boost domestic spending. Source: CNBC, zerohedge