Robert Frick, an economist at Navy Federal Credit Union, mentioned that while employers may not be laying off many workers, they are indeed cutting back through other methods such as reducing hours and shifting workers to part-time as the economy slows.
Labor costs have long been a significant issue for employers.
They will continue to try to reduce it at all costs.— Ram | CRIPCO (@namseonghun4) September 9, 2024
www.politico.com/news/2024/08/30/july-inflation-report-fed-jobs-market-00176790
The U.S. U-6 unemployment rate, also known as the underemployment rate, includes not only the unemployed but also those marginally attached to the labor force and individuals working part-time for economic reasons, reflecting broader labor market weaknesses.
U.S. U-6 Unemployment Rate (Underemployment pic.twitter.com/LfY2ICxPOf
— Win Smart, CFA (@WinfieldSmart) September 9, 2024