Another jobs Friday and this one has some good news: The U-6 Underemployment Rate* fell to 7.9% in October. The last time the US hit this low level was under President George W Bush in December 2006 before all hell broke look in the housing market.
The U-3 unemployment rate is now at the lowest level since early GW Bush (2001).
Unfortunately, average hourly earnings YoY tumbled to 2.4% YoY.
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*U-6 underemployment rate equals the total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.
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