February employment

This morning’s job numbers were a little better than expected. Payrolls increased by 175,000 in February while the unemployment rate ticked up slightly to 6.7%. Economists had forecast 149,000 to 152,000 new jobs and an unemployment rate basically unchanged at 6.5% to 6.6%.
Mixed news, however, on involuntary underemployed (part time for economic reasons). The total involuntary underemployed in non-agricultural industries continued to decline by 59,000 in February. The number of workers part time because of slack work again declined. But the number of those who could only find part time work rose. The number of part time for non-economic reasons declined. Involuntary underemployment is still well above pre-Great Recession levels.
Involuntary underemployed February 2014.png
UPDATE: While the number of part-time workers due to slack work actually decline in February, there may have been some increase in slack work above what would have normally occurred due to the snowstorms. See these charts from the Council of Economic Advisers.

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