June's employment data

The June employment numbers are out with 195,000 net new jobs and the unemployment rate at 7.6%. This is somewhat better than expected. Economist surveyed by Bloomberg and the Wall Street Journal expected a growth of 160,000 to 165,000 jobs with the unemployment rate dropping slightly to 7.5%.
The trend in involuntary underemployed (part-time for economic reasons) — which represents a waste of human capital — as more interesting. Part-time work stayed basically the same. But slack work grew substantially. This is a worrisome trend as it indicated a slowing of demand.
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 chart below shows).
Involuntary underemployed June 2013.png

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