These are the marginally attached workers in America – all 8.5 Million of them. They have jobs, but only part time jobs when they want full time. Or they took the first job they could get. Or they want more wages. They are all looking for better jobs while they work. Adding 8.5 Million people to the 7.9 Million unemployed people who are also looking for jobs.
With 8.5 Million people marginally attached to the labor market, it’s not hard to see how alienation creep in, with the rise of non-union labor strikes in low-wage industries.
This piece of data was gotten by subtracting U6 from U3, since U6 includes U3.
The chart pretty much speaks for itself. The number of marginally attached workers is the highest it has ever been in the history of the record. On its current trajectory, it will take ANOTHER 12 years (for a total of 18 years) before it’s back to its pre-recession level.
So what does a 6.1% unemployment rate represent? A higher level of marginally attached workers.