Sunday, January 11, 2009

The Bigger Unemployment Picture

The headlines are reporting a 7.2 percent official unemployment rate, but as usual, this just skims the surface of the subject. Counting in the marginally attached, the discouraged and people who want full-time work but have settled for part-time instead, the figures goes up to a much higher 13.5 percent. In fact, the Bureau of Labor Statistics reported in December that the number of "involuntary part-time workers" had by itself nearly doubled from 3.9 million in April 2006 to 7.3 million that November.

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