More part-time workers are finding full-time gigs
More part-time workers are finding full-time gigs
Let’s get under the hood of today’s jobs report and look at one specific population: people who are working part time who want to go full time, and haven’t made the leap because of economic reasons. In November that number declined by around 300,000 people.
It’s been a year of rate hikes and some slowing in the economy. Yet UT Austin’s Dan Hamermesh says part-time workers looking for full-time jobs are finding them — with less than four million still looking.
“This number is now as low as it was a year ago. And it dropped substantially compared to the last three months. So this is a very good sign,” he said.
It’s one of the indicators that makes this a “Goldilocks” jobs report.
“It’s not too strong and not too weak. It’s just right,” Hamermesh said.
Though part-time employment may not be top of mind for the Fed, Morning Consult senior economist Jesse Wheeler says it’s another green flag.
“The share of workers who are part time for economic reasons right now is historically low at 2.5%, and it’s only been that low one other time, back in 2001,” he said.
Wheeler says workers in leisure and hospitality and wholesale and retail trade — who are more likely to be involuntarily part time — have been finding full-time work.
And the Economic Policy Institute’s Elise Gould says: “That can make a meaningful difference in how much money they have to spend and how they can provide for themselves and their families.”
It also can mean people are finding better suited full-time jobs, since part-time work can be a bit of a placeholder while people reassess their careers, said Liz Wilke, an economist with payroll firm Gusto.
“If you’re part time, but would prefer a full-time job, that doesn’t necessarily mean that you’ll take any full-time job, right? So part-time workers might be working part time for something that’s fine while they wait for something that’s really a good fit,” she said.
Though some are forced into part-time work to make ends meet, Ernest Lewis III with Houston social services nonprofit BakerRipley says others are taking part-time jobs “to get their foot in the door in particular career paths and fields.”
He says in his recent economic development work, he’s especially seeing this in retail and banking.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
