October employment data

October’s employment numbers are out and the BLS is reporting a positive growth in jobs. Payrolls grew by 204,000, far exceeding economists’ forecast of 121,000. The unemployment rate ticked back up by 0.1% to 7.3% however.
The not so good news is that total number of involuntary underemployed (part time for economic reasons) increased in again in October. Both the number of those on slack work and the number of workers who could only find part time work increased dropped slightly.
As I’ve noted before and is shown in the chart below, we are still a long way from the pre-crash levels. This especially worrisome when combined with the fact that size of the labor force continued to decline.
Involuntary underemployed October 2013.png

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