Monday, October 8, 2012
More Americans Working Part-Time
Because part-time workers are typically the first to be fired when economic conditions worsen, the gain in these types of jobs takes some of the shine off the drop in joblessness, said Neil Dutta, head of U.S. economics at Renaissance Macro Research LLC in New York.
“It’s an employment recovery built on thin ice,” said Dutta. “If there was an immediate downturn or even a weakness heading into the end of the year, who’s going to be the first one to go?” The jump in employees who are unable to find full-time jobs is what one would expect in an economy that is growing less than 2 percent at an annual rate, Dutta said.
Gross domestic product expanded at a 1.3 percent pace in the second quarter after growing 2 percent in the first three months of the year, according to figures from the Commerce Department. Part-time staff also receive fewer benefits. About 24 percent of these employees have access to medical benefits compared with 86 percent of full-time workers, according to data from the Bureau of Labor Statistics. Read more >>
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