If you want full-time work and can only find part-time work are you fully employed?

5 Oct

Here’s today’s COMMENT FROM AN OLD FART: When in doubt, go to Mark Twain:

Figures often beguile me, particularly when I have the arranging of them myself; in which case the remark attributed to Disraeli would often apply with justice and force: “There are three kinds of lies: lies, damned lies and statistics.”
Mark Twain’s Own Autobiography: The Chapters from the North American Review

Unemployment statistics are interesting because one can “spin” them so that the figures whirl about so fast they are practically meaningless. Politicians and political parties like to “spin” numbers because they like “spin” and view the population as “useful idiots.” See, Political parties view voters as ‘useful idiots’ https://drwildaoldfart.wordpress.com/2012/10/02/political-parties-view-voters-as-useful-idiots/

According to EconModel this is the definition of unemployment:

Unemployment Rate

The official definition of the unemployment rate, given below in a series of four definitions, contains a couple of unavoidable complications.  (1) A person who loses a 40 hour per week job, but works for one hour mowing a lawn for pay is classified as employed.  (2) A person who simply expresses interest in having a job is classified as unemployed.  “Discouraged workers” who have lost a job, but do not make an effort to find a new job in a given week are not classified as unemployed or even as in the labor force.  Both possibilities mean that the announced unemployment rate is not as definitive as it might sound.

Nonetheless, the unemployment rate is defined as the number of unemployed persons divided by the labor force, where the labor force is the number of unemployed persons plus the number of employed persons.  The official definitions of these figures are as follows. http://www.econmodel.com/classic/terms/ur.htm

Note that discouraged workers are not part of the calculation.

Catherine Rampell reports in the New York Times article, Rise of the Reluctant Part-Timer Class:

Of course, if you want to work full time, having a part-time job is better than no job at all. Even so, there has been frustratingly little progress in turning those part-time jobs into full-time ones.

Source: Bureau of Labor Statistics Source: Bureau of Labor Statistics

Today, of all workers with jobs, about 6 percent are part time but would prefer full-time work if they could find it. The average for the five years before the recession began was about half that, at 3.1 percent. http://economix.blogs.nytimes.com/

If every person in Florida got a job at McDonald’s we’d have a zero percent unemployment rate. Would that mean we have a healthy economy?

Rich Templin

Moi would paraphrase the quote to if every person in the U.S. got a job at McDonald’s….

Blogs by Dr. Wilda:

COMMENTS FROM AN OLD FART© https://drwildaoldfart.wordpress.com/

Dr. Wilda Reviews ©                                http://drwildareviews.wordpress.com/

Dr. Wilda ©                                                                                   http://drwilda.com/

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