US job market cracks are spreading:

Full-time employment declined -424,000 in April, the biggest monthly decline since January and the 2nd-largest since May 2025.

Year-to-date, full-time job count has now dropped -963,000, to 134.3 million, the lowest since December 2024.

The number of full-time workers is also now below March 2023 levels.

As a result, the ratio of full-time employment to total employment is down to 82.6%, in-line with 2020 pandemic levels.

Meanwhile, part-time employment rose +123,000 in April, but remains 1.0 million below its all-time high of 28.4 million.

Job-market stress is worsening beneath the headlines.
(@TheKobeissiLetter)