Nonsequitur: Almost Normal Unemployment

March 6, 2015

According to the Bureau of Labor Statistics, unemployment decreased to 5.5% in February. This would be considered “normal” in past years. However, given the large number of involuntary part-time workers (6.6 million) and the continuing problem of long term unemployment (2.1 million), the economy still is not creating enough full-time jobs to keep pace with demand. Also, most of the growth in recent months has been in the service sector (Table B-1), which typically pays less and offers fewer benefits to workers. (See a more detailed discussion of the shift to service sector employment here.)

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