While there are many indications of an improving labor market, including the number of jobs created each month and the relatively low numbers of people suffering job loss each week, some analysts continue to see the glass as half empty. Take for instance writer Teresa Tritch, who in a recent piece in the New York Times pointed out that the unemployment rate, presently officially measured at 5.9 percent, would be 9.6 percent if it included millions of jobless people who would be looking for work if the job market were perceived to be stronger. In other words, the official unemployment rate measure fails to consider discouraged workers.
Moreover, the number of people working part-time who would prefer to work full time stands at 7.1 million. What’s worse, many of the jobs being created fall short of medium-wage. The largest job gains in September were in professional and business services, a category that includes cleaners, couriers, temporary workers and security guards. Grocery stores, retailers, restaurants and liquor stores have also added many new jobs.
