The latest jobs report has revealed some positive trends, particularly for part-time workers who are seeking full-time employment. According to UT Austin’s Dan Hamermesh, the number of part-time workers looking for full-time jobs has decreased by around 300,000 people in November. This is a significant improvement and a good sign for the economy.
Hamermesh describes this jobs report as a “Goldilocks” scenario, meaning it is not too strong or too weak, but just right. This indicates a healthy balance in the job market. Despite the year of rate hikes and some economic slowdown, part-time workers are finding full-time opportunities, with less than four million still looking for full-time work.
Morning Consult senior economist Jesse Wheeler points out that the share of workers who are part-time for economic reasons is historically low at 2.5%. This is a positive sign, as it means more people are able to secure full-time employment. Workers in industries like leisure and hospitality and wholesale and retail trade, who are more likely to be involuntarily part-time, are finding full-time positions.
Elise Gould from the Economic Policy Institute emphasizes the importance of this shift for workers and their families. Finding full-time work can significantly impact their financial stability and ability to provide for themselves. Liz Wilke, an economist with Gusto, notes that part-time work can sometimes serve as a temporary solution while individuals search for a more suitable full-time job.
Ernest Lewis III, from the Houston social services nonprofit BakerRipley, highlights that some individuals take on part-time work to gain experience and opportunities in specific career paths. This is particularly evident in industries like retail and banking, where part-time roles can serve as a stepping stone towards a desired career.
Overall, the decrease in the number of part-time workers looking for full-time jobs is a positive development in the job market. It signifies increased opportunities for individuals to secure stable and fulfilling employment. As the economy continues to evolve, it is essential to monitor these trends and their impact on workers and their families.
