• Unemployment is at record lows in both the UK and the US.
• But “involuntary” part-time work is at least 40% higher in both countries than it was 10 years ago.
• The structure of the labour market has fundamentally changed, and what we used to think of as “unemployment” has been replaced by mass part-time work, much of it unwanted.
• “Gig economy” jobs are to blame, according to Rob Valletta of the San Francisco Fed.

This is also the reason why wages are not really rising by much as well.

Source: Unemployment is low only because ‘involuntary’ part-time work is high