WASHINGTON (AP) -- The job market is even worse than the 9.1 percent unemployment rate suggests.
America's 14 million unemployed aren't competing just with each other. They must also contend with 8.8 million other people not counted as unemployed -- part-timers who want full-time work.
When consumer demand picks up, companies will likely boost the hours of their part-timers before they add jobs, economists say. It means they have room to expand without hiring.
And the unemployed will face another source of competition once the economy improves: Roughly 2.6 million people who aren't counted as unemployed because they've stopped looking for work. Once they start looking again, they'll be classified as unemployed. And the unemployment rate could rise.
Among the Americans frustrated with part-time work is Ryan McGrath, 26. In October, he returned from managing a hotel project in Uruguay. He's been unable to find full-time work. So he's been freelancing as a website designer for small businesses in the Chicago area.
Some weeks he's busy and making money. Other times he struggles. He's living at home, and sometimes he has to borrow $50 from his father to pay bills. He's applied for "a million jobs."
http://finance.yahoo.com/news/Unemp...tml?x=0&sec=topStories&pos=main&asset=&ccode=
Better to stay in Uruguay, Ryan!
America's 14 million unemployed aren't competing just with each other. They must also contend with 8.8 million other people not counted as unemployed -- part-timers who want full-time work.
When consumer demand picks up, companies will likely boost the hours of their part-timers before they add jobs, economists say. It means they have room to expand without hiring.
And the unemployed will face another source of competition once the economy improves: Roughly 2.6 million people who aren't counted as unemployed because they've stopped looking for work. Once they start looking again, they'll be classified as unemployed. And the unemployment rate could rise.
Among the Americans frustrated with part-time work is Ryan McGrath, 26. In October, he returned from managing a hotel project in Uruguay. He's been unable to find full-time work. So he's been freelancing as a website designer for small businesses in the Chicago area.
Some weeks he's busy and making money. Other times he struggles. He's living at home, and sometimes he has to borrow $50 from his father to pay bills. He's applied for "a million jobs."
http://finance.yahoo.com/news/Unemp...tml?x=0&sec=topStories&pos=main&asset=&ccode=
Better to stay in Uruguay, Ryan!
