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According to the latest figures, there are 16.5 million Americans that are either short-term unemployed or involuntarily part-time.
If we add in the underemployed (involuntarily part-time), dropouts from the workforce and other uncounted unemployment we are looking at a number nearly twice as high.
There are 16.5% who are involuntarily part-time or marginally attached to the workforce, and the average American is struggling to pay their bills.
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The number of people involuntarily working part-time has increased by 176%.
They are not particularly concerned about the more than 22 million Americans who are unemployed, involuntarily working part-time, or given up looking for work altogether.
There were signs of declining employment security in high-income countries since the financial crisis, Torres said, flagging up the rise of self-employment, of workers without contracts and those who were involuntarily working part-time.
It is not just that nearly three-quarters of a million more people are out of work than before the crisis; another three-quarters of a million more people are involuntarily working part-time".
However, other indicators, such as the number of people involuntarily working part-time and the labor-force-participation rate, suggest that "there are additional margins of slack," as Yellen put it.
Including discouraged workers and people involuntarily in part-time employment in the overall measure of unemployment, as does the Labor Department's U-6 unemployment measure, the unemployment rate today is at an alarming 17.5% of the U.S. labor force.
Because unexpectedly large numbers of workers dropped out of the labor force, and haven't returned, and still more workers are involuntarily working part-time, "millions of jobs lost during the Great Recession are not coming back in the return to normalcy envisaged by the Fed," says Ball, who is also a research associate at the National Bureau of Economic Research.
The number of workers involuntarily working part-time continues to be well above pre-recession levels.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com