Is The Market Reading The Wrong Jobs Number?

This morning the Labor Department reported net new jobs creation of 192K, about 3K below what economists were expecting. The market was generally unimpressed with the in-line jobs number, staying generally flat for the first few hours of trading before souring later in the day.

Although the jobs number was close to what the market expected, was the market looking at the wrong number?

Jobs number: Most quoted economic indicator

The headline seasonally adjusted employer survey jobs number is the most quoted economic indicator in all markets, but perhaps the market should have been looking at the "Employed Part-time for Economic Reasons" figure instead.  This sub-component of the labor market report is likely more telling than the total jobs figure.

Why is Employed...