Picture the number of construction workers. The workforce includes about as many involuntary part-timers.
Federal Reserve Chair Janet Yellen told Congress yesterday to expect "further improvement in the labor market." The unemployment report this morning doesn't quite back up CNBC's Fedspeak translation, "close to full employment."
One in 4 unemployed people have been searching for more than six months. For each of the nearly 8 million stories in the unemployment office, there are another 8 million tales of hanging onto the edge of the job market, settling for part-time work or abandoning the search entirely.