part-time labor

Part-time labor involves working fewer hours than the customary or standard workweek. This can include irregular employment or a series of short-term jobs, often hired by the hour, day, or for specific tasks.12

Part-time work is frequently chosen by students and retirees who need flexible schedules. For employers, it offers greater flexibility in staffing and can be more cost-effective, as part-time employees may not be eligible for benefits like health insurance.2

Economically, part-time employment is also a factor in unemployment statistics. The U-6 unemployment rate, a broader measure than the headline U-3 rate, includes individuals who are involuntarily working part-time because they cannot find full-time employment. This highlights that while someone may be employed, they might be underutilized, indicating "labor market slack".3