A Closer Look

US Labor Market in Crisis – Two Charts

he enormous number of people who work only part-time for economic reasons is one the tragedies of the unemployment crisis in this country. It didn’t even start with the financial crisis. Before the 2001 recession, there were a little above 3 million of them. By September 2003, as the economy recovered, there were 4.84 million. Gradually, part-timers got fulltime work, and their number zigzagged back down. In April 2006 dropped, it below 4 million, but only briefly, then edged up again. It never returned to the “normal” that was before the 2001 recession.

Then came the financial crisis, and as layoffs soared, some of the lucky ones who got to stay on were cut to part time. Many of the unemployed, once they found jobs, found part-time jobs. And the number of involuntary part-timers just exploded.

Chosen excerpts by Job Market Monitor. Read the whole story at Wolf Richter: America’s Structural Unemployment Crisis in Two Charts | naked capitalism.

Discussion

3 thoughts on “US Labor Market in Crisis – Two Charts

  1. Tout ces post sont franchement intéressants

    Posted by bukkake | June 24, 2014, 5:29 am

Trackbacks/Pingbacks

  1. Pingback: Returning to Full Employment in US – A CRS Report | Job Market Monitor - April 25, 2014

  2. Pingback: Youth in US – There is little evidence of “sheltering in school” from the effects of the Great Recession (video) | Job Market Monitor - May 1, 2014

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