As bills mount up, desperate jobless Americans who can’t get full-time work turn to part-time work. The Bureau of labour Statistics describes these people as working “part time for economic reasons.” In September, the number of people who fell under this category jumped 5% month-on-month to 9.27 million. This demographic represents 6.0% of the civilian labour force.
For the most part, these part-time workers hope labour market conditions improve so that they can go back to work full time.
But they might be being a little too optimistic.
In a report published by Merrill Lynch titled New World, New Rules, authors Ian Bremmer and Lisa Shalett suggest the outlook for full-time jobs is not great. They note that businesses are increasingly relying on part-time workers, largely because they’re cheaper to lay off during tough times. This shift in labour market dynamics has become clear in the last few years.
Photo: Merrill Lynch Wealth Management
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