Employment stats: Spreading the hours around …

Obscured by the headline unemployment numbers is an oft-overlooked stat – average hours worked

In rough numbers, average weekly hours worked has declined by roughly 1/2 hour … to 41.5 hours per week.

Couple of interesting aspects to the number …

First, it’s greater than 40 – a standard 5 days – 8 hours work week … suggesting that firms are still using overtime to meet capacity needs rather than hiring … or, folks are working multiple jobs … maybe, 2 part-time jobs.

Second, while 1/2 hour doesn’t sound like much … it translates to over 600,000 full-time equivalent positions, i.e. has the economic impact of pulling more than a half-million FTE workers out of jobs.

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