Saturday, July 6, 2013
The U.S. economy lost 240,000 full-time workers in June 2013, while gaining 360,000 part-time workers
The underemployment rate increased to 14.3% from 13.8%. There are 28 million part-time workers in the United States now versus 25 million before the Great Recession. There are 116 million full-time workers in the United States now versus 122 million before the Great Recession. In other words, 19% of the (smaller) U.S. workforce is part time versus 17% before the Great Recession. Only 47% of Americans have a full-time job. If the labor force participation rate were back to pre-recession levels, the unemployment rate would be 11.1%. Since January 2009, when Barack Obama was inaugurated as president, the United States has seen 54 straight months with the unemployment rate at 7.5% or higher, which is the longest stretch of unemployment at or above that rate since 1948, when the Bureau of Labor Statistics started calculating the national unemployment rate.