Part-time workers are growing at the expense of lost full-time jobs. The protracted trend shows the downsizing of American jobs, their quality, and future prospects.
The service sector diffusion index also fell. It's down from 53.7 in May to 52.1. It's the lowest figure since January 2010. Its forward looking indicators flashed weakness. Backlogs dropped from 53 to 47.5. It's another 2012 low.
New orders fell to 53.5. Vendor performance slipped to 51 from 53. Export numbers declined to 49.5 from 53 in May and 58 in April. It's the second lowest read since August 2010.
Prices plunged for five straight months from 68.4 in February to June's 48.9. It's the lowest level since July 2009. Overall, nominal non-manufacturing stands at a three-year low. Indications suggest considerably more downside.
Combining manufacturing and non-manufacturing indices, the composite dropped to 51.8 from 53.7 in April and May and 56.7 in February. It now stands where it did in January 2010.
The Conference Board's measure of CEO confidence plunged in Q2 to 47 from 63 in Q1. Under 50 reflects negative sentiment. Only three times in the past decade did a decline this great occur. Each time it reflected the economy in recession or about to roll over.
Claiming the recession ended is more illusion than reality. Economic conditions are awful. Half or more of US households are impoverished or borderline.
Expect much worse ahead. Protracted Depression harshness shows no signs of abating.