Last week, as Fed Chair Janet Yellen held back from raising interest rates, she noted that the seemingly low unemployment rate in fact conceals many workers who have been unable to find full-time jobs and have accepted part-time positions instead.
This was not mere speculation on her part. In August of 2015, the Bureau of Labor Statistics’ U-3 measure (the most commonly quoted “official unemployment rate”) stood at 5.1%, while the U-6 (which includes people employed part-time who would prefer full-time work) was more than double that figure: 10.3%.
Apparently, though, fretting about full-time employment is old-fashioned, pre-disruptive thinking. Leah Busque, CEO of TaskRabbit says that she “cringed” when she heard Fed Chair Yellen talk down part-time jobs. Flexible employment, according to Busque, is the future of work.
Most landlords, of course, are something less than flexible about payment of their rent. Grocery stores also remain stubbornly inflexible about payment for goods at the time of purchase. But as long as Busque is able to maintain a full-time occupation taking her 20% off the top of her rabbits’ part-time wages, she won’t have to worry about problems like rent and groceries.