August employment

Somewhat disappointing employment news from the BLS this morning. They report only 142,000 net new jobs in August with the unemployment rate ticking down to 6.1% (where it was in June). Economists had expected a gain of 230,000 jobs.
The story for involuntary underemployed (part time for economic reasons) was mixed. The total number of involuntary underemployed declined in August. However, that improvement was due to a decline in number of workers part time because of slack work. The number of those who could only find part time work actually rose. The total involuntary underemployment remains well above pre-Great Recession levels. As many analysts are beginning to understand, this constitutes a continued waste of human capital (see early posting).
Involuntary underemployed Aug 2014.png

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