January employment

The BLS reported this morning that the unemployment rate in January held basically steady at 6.6%, compared to 6.7% in December. But payroll employment was up by a somewhat lackluster 113,000 jobs — economists had forecast an increase in payrolls of 189,000.
The number of involuntary underemployed (part time for economic reasons) in non-agricultural industries, however, dropped by 520,000 – almost all of that drop was in the category of slack work. The number of those who could only find part time work remained basically the same. The drop in slack work could mean that companies are beginning to increase production or they are laying people off. The average weekly hours worked did not change in January. And the number of part time for non-economic reasons increased. Involuntary underemployment is still well above pre-Great Recession levels.
Involuntary underemployed Jan 2014.png

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