- 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- The structure of the labour market has fundamentally changed, and what we used to think of as “unemployment” has been replaced by mass part-time work, much of it unwanted.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.