During The Financial Crisis of 2008 you could be almost anywhere and hear someone say they had lost their full-time job but had started making ends meet by working two part-time jobs. Before 2008, just under 4 million workers were employed part-time, which is working 34 hours or less each week. That number grew to 9 million during the financial crisis. The Wall Street Journal provided research over the weekend that there has been great economic growth in the United States and a decrease in the numbers of part-time workers. The number that was once at 9 million is now back to 4.4 million within the American population. That is the lowest number since 2006 for part-time workers. People that were having to work two part-time jobs to make ends meet are now working one full-time job. That shows that there has been great growth in the economy.
One of the employment measures we look at is called the U6 data provided by the U.S. government. That data measures a broad spectrum that includes the regular unemployment rate, part-time workers, and discouraged workers. During the financial crisis the U6 number got as high as 17% and is now at 7.4%, which is the lowest since 2001. Part-time labor numbers are back where they were before The Financial Crisis of 2008 and the U6 unemployment data is the lowest that it’s been since 2001. This data shows that the U.S. economy is on the rise and people are getting back to full-time employment.
Ashley Page, JD, MBA
Senior Vice President
Email Ashley Page here
Fi Plan Partners is an independent investment firm in Birmingham, AL, serving clients across the nation through financial planning, wealth management and business consulting. Fi Plan Partners creates strategies in the best interest of their clients using both fee based investing and transactional investing.
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