The startling fact you, we and Paul Krugman didnt know about the jobs report | Making Sen$e | PBS NewsHour

“Even more shocking is that the BLS’s headline number of jobs added each month — the figure that can move markets and shape headlines — makes no distinction between full-time and part-time payroll gains. “So if you’re on for an hour,” Wolfers said, “you’re counted as having a job” in the survey of employers.We weren’t the only ones blown away by that fact. Nobel laureate Paul Krugman was surprised, too. “That makes sense, actually, in part of the broader context,” he said. “Unemployment doesn’t look that high, but the situation of workers doesn’t feel anything like full employment,” Krugman said. Case in point: if we added that extra million part-timers to our expanded pool of job-hunters, Making Sen$e’s U7 would be higher — more like 14.45 percent of Americans unemployed.”

via The startling fact you, we and Paul Krugman didnt know about the jobs report | Making Sen$e | PBS NewsHour.

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