New Scary Statistic: Underemployed
Forget the unemployment numbers, underemployment paints picture of the"worst economic downturn since World War II"
Clementine Gallot
"Funemployment" is only slightly more popular than "thunderemployment" according to the latest numbers from the EDD.
And you're not alone -- the most recent numbers show the worst underemployment levels since the numbers were first counted starting in 1994.
21.9 percent of Californians no longer have full-time jobs, far more than the already terrible 12.2 percent who are entirely unemployed.
The number reflects not just those working part time, but also those who have simply given up trying to find a job in this market.
That makes for a total of over four million Californians either working less or not at all.
"All the data tell us that this is the worst economic downturn since World War II," Paul Wessen, an economist with the Employment Development Department, told the San Francisco Chronicle.
Might be time to learn a new skill, like train hopping or carving wooden nickles.
Jackson West prefers to call it "thunderemployment."
Copyright NBC Owned Television Stations
Posted Monday, Oct 26, 2009 - 3:03 PM PST
