July employment

Surprise! What a difference (maybe) a day makes. Yesterday, the economic news was all gloom and doom. Today, the outlook looks a little brighter. The employment news from BLS this morning showed a gain of 117,000 jobs. A gain of 154,000 jobs private-sector more than offset job loss in the public sector [update: of the 37,000 government jobs lost, almost all of the 26,000 state government jobs lost were due to the partial shutdown of the Minnesota state government]. The unemployment rate dropped slightly to 9.1%. And June’s data was revised upward to a increase of 46,000 jobs, rather than 18,000 jobs first reported (see last month’s posting). Economist had expected an increase of 75,000 in July.
The number of involuntary underemployed also declined slightly. The level of involuntary underemployment remains at close to historic highs as does the percentage of involuntary underemployed in the labor force. Interestingly, the level of voluntary part time declined. I am still unclear why voluntary part time work dropped during this recession.
Involuntaryunderemployed-0711.gif
Part time as percent 7-1-11.gif

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