December employment

Surprising news this morning on jobs. The BLS reports that the unemployment rate fell to 6.7% in December. BUT, total nonfarm payroll employment only grew by 74,000. Economists surveyed by the Dow Jones Newswires had expected a job growth of 200,000 with the unemployment rate holding steady at 7%. The combination of a falling unemployment rate but weak jobs growth may be partially explain by the fact that number of unemployed persons declined by 490,000. Essentially, these people didn’t find jobs; they apparently dropped out.
The number of involuntary underemployed (part time for economic reasons), however, remained essential unchanged from November. Involuntary underemployment is still well above pre-Great Recession levels.
Involuntary underemployed December 2013.png

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