Part-Time Jobs Dominate Private Sector Hiring [AUDIO]
Unemployment is slowly picking up pace in the country, however three-quarters of 2013's new jobs are part-time.
Reuters reports of the one million new jobs this year, three out of four were part-time and often for low wages.
Several factors are contributing to employers being skittish about taking on new full-time positions, none the least of which is looming date of the Affordable Healthcare Act, also known as Obamacare. Rutgers Economics Professor Joseph Seneca says there are several factors outside of the health care bill that are keeping employers nervous.
"Uncertainty if the increases in sales that they're seeing are going to be sustained and the general uncertainty in Washington in budget wars, debt ceiling wars, and shut down the government wars."
He adds concern of China's slowdown and the Federal Reserve also affecting businesses owners on making long-term hiring decisions.
While there are numerous factors as to the increase in part time work, Seneca notes the solution would be rather simple - more demand.
"The basic condition would be a faster demand and sales one the private part of the sector. That would move employers to making a full-time commitment because it would mean making an increase in production."
While the news may seem grim, Seneca says it's not all bad news. Especially since any positive movement is good.
"If they're moving from the unemployment rolls to part-time employment, that's encouraging because we are still digging out way out of a very severe recession," he explained.
Seneca added that the hiring "shows companies have reached the limits of trying to more out of the workforce as the economy continues to expand."