November employment

November looks like has been a relatively good month for the US labor market. This morning, the BLS announced that total nonfarm payroll employment grew by 203,000 and the unemployment rate dropped by 0.3% to 7.0% in November. This is far better than economists had expected; they had forecast job growth of only 185,000 with an unemployment rate of 7.2%.
The other good news is that the total number of involuntary underemployed (part time for economic reasons) dropped to a level we have rarely seen in the past 4 years. Both the number of those on slack work and the number of workers who could only find part time work dropped. involuntary underemployment is still well above pre-Great Recession levels.
Involuntary underemployed November 2013.png

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