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A good way to measure the labor markets strength is by total hours worked not by the number of people employed. Here is what happens when you consider hours worked compared to number employed.

A reduction from 34.3 to 34.2 is equivalent to losing 340,000 private sector jobs. In addition, the economy gained 900,000 jobs since September , however, the reduction of hours worked during that same period is equivalent to a loss of 1 million jobs!

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