Not only has the unemployment rate risen sharply to 7.2%, but the number of workers only able to find part time jobs (or have had their hours cut for economic reasons) is now over 8 million.
Of course the U.S. population is significantly larger today (about 305 million) than in the early ’80s (about 228 million) when the number of part time workers almost reached 7 million, but the rapid increase in part time workers is pretty stunning.
That’s getting close to 10% of the labor force involuntarily working part time. And if you look at the graph, the number has very nearly doubled in the past year. Good thing there’s a big stimulus package coming and no one is going to be obstructionist about implementing it.