With hours cut, some are struggling to fill the gap
The Boston Globe ran an interesting piece yesterday about the growing number of individuals whose full-time jobs have become part-time due to company cut-backs. Often, in a tough economy, our first thoughts go to those who have lost their jobs due to layoffs. This article details the transition many families have been going through as their hours, and their paychecks, begin diminishing.
Labor Statistics show that almost 7 million Americans have had their hours reduced this year. A change that can have a significant impact on the economy as a whole. The Globe interviewed Andrew Sum of Northeastern's Center for Labor Market Studies. Who said:
“At no time have we ever seen an increase of that magnitude, which is why labor markets are far weaker than the unemployment rate is telling us...When the economy turns around if you have so many people that are in slack work, you’ll say, ‘I don’t need to hire anybody new. I need to work my existing workers more.’ It’s going to be a lot harder to bring the unemployment rate down.’’
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