Friday's release of the non-farm payroll report noted one troubling aspect of this recovery following the recession that ending mid year 2009. The job market strength during this recovery seems more centered in part time employment.
There are a number of reason for why this might be the case, but the impact on economic growth is not generally positive. Part time workers are less likely to feel secure in their jobs so may limit their personal expenditures. And with consumers accounting for nearly 70% of economic growth (GDP), this tighter reign on spending is likely keeping the economy from growing at a potentially higher rate that is more typical following recessionary periods. Additionally, this low rate of employment growth has kept the job market from recovering to levels reached prior to the beginning of the recession as noted in this chart from the Calculated Risk website.
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Jobs Report Showed Elevated Number Of Part Time Workers
Published 07/07/2013, 02:36 AM
Jobs Report Showed Elevated Number Of Part Time Workers
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