EPI: Fifteen months since recession’s official end, economy short 11.5 million jobs

Gap in Labor Market Now 11.5 Million Jobs, Heidi Shierholz – October 8, 2010- Economic Policy Institute

  • “The underemployment rate, or the U-6 measure of labor underutilization, is a more comprehensive measure of labor market slack than the unemployment rate because it includes not just the officially unemployed, but also jobless workers who have given up looking for work and people who want full-time jobs but have had to settle for part-time work (note, however, it does not include people underemployed in the sense that they have had to take a job that is below their skills, training, or experience level). This measure increased by 0.4 percentage points to 17.1% in September, meaning that more than one in six U.S. workers was either unemployed or underemployed. The number of involuntary part-time workers increased by 612,000, while the number of “marginally attached” workers (jobless workers who have given up looking for work), increased by 139,000. In September, there were a total of 26.8 million workers who were either unemployed or underemployed.”
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