Status quo employment data for May

This morning’s employment numbers are roughly at status quo: unemployment rate at 7.6% and 175,000 net new jobs. One of the items I am tracking is the involuntary underemployed (part-time for economic reasons). This represents a waste of human capital, as does the long term unemployed. The number of involuntary underemployed spiked at the onset of the Great Recession and has stayed at a historically high rate with only a slight downward trend (as the cart below shows). Is this part of the “new normal”?
Involuntary underemployed May 2013.png

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