As the economy recovers the unemployment rates drops, albeit slightly, but the real information underneath that declining unemployment isn’t so good for the chronically under-employed. The percentage of part time jobs has increased as full time positions have decreased. And that situation looks like it may be here to stay. Michael Graham examines this new “workscape” and what it means for the economy overall.
Posts Tagged ‘underemployment’
The stubborn 7% unemployment rate here in the United States tends to masks a larger issue of underemployment, which today might be in the neighborhood of 18%. In the 1990’s and early 2000’s, with unemployment rates at near historic lows, there was a demand for work life balance with a popular cry of “work to live don’t live to work”. Weirdly this sentiment applies today as well when perhaps 1/4 of the US working population either unemployed or underemployed. These people really do need to work to live. But with so many Americans struggling, the US traditional growth engine of consumerism can’t fix the problem. With limited disposable income American can’t spend their way out of this employment problem. So what will happen? How can companies and how can workers revision themselves to prosper under these “new normal” conditions?
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