The Number of Americans
“employed part-time for economic reasons”
fell by 707,000 last month to 3.6 million
That’s the lowest level of so-called involuntary part-time workers since August 2001, according to the Federal Reserve Bank of St. Louis.
They are forced to work part-time involuntarily because their employer cut their hours or they can’t find a full-time gig.
“We have seen a pretty dramatic decrease, and I think that’s a very healthy sign for American workers,” said Daniel Zhao, a senior economist.
Prior to the pandemic, the no. of involuntary part-time workers dipped below 4m just two other times in the last 2 decades — in July 2019 and March and April 2006.
That decrease comes on the heels of other federal labor data issued Wednesday showing employers’ demand for workers remains near all-time highs.
Job openings and the rate of people quitting their jobs at the end of May were near peak levels set in March.
And layoffs remained near all-time lows. Meanwhile, wages have grown at the fastest clip in decades as employers compete for talent.