Wednesday, July 31, 2013

US Employment Preview: Labor Market Utilization; or, How To Really Not Use Your Available Labor Resources Very Well

Let's continue looking at the US labor market by highlighting how well (or more correctly how poorly) we are utilizing our labor force.

This chart combines the unemployment rate, marginally attached workers plus people who are part time for economic reasons.  After the last two jobless recoveries (as the early 1990s and 2000s were characterized) we saw this rate move up to about 12% and 10%).  After the last recession the percentage moved up to a bit below 17%.  It is still at embarrassing levels.