a column by David Bell and David Blanchflower for VOX: CEPR’s Policy Portal
The most widely available measure of underemployment is the share of involuntary part-time workers in total employment.
This column argues that this does not fully capture the extent of worker dissatisfaction with currently contracted hours. An underemployment index measuring how many extra or fewer hours individuals would like to work suggests that the US and the UK are a long way from full employment, and that policymakers should not be focused on the unemployment rate in the years after a recession, but rather on the underemployment rate.
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