Gallup's finding that 19.9% of Americans were underemployed in January is still reverberating through newsrooms, office buildings, and living rooms. The idea that nearly one in five Americans is unable to find as much work as they would like is certainly daunting, in a time where the prospect of a new era of joblessness worries U.S. leaders, economists, sociologists, and psychologists.
But our Gallup Daily tracking on employment reveals much more than how many Americans are underemployed. We tell you precisely who these Americans are and are just beginning to reveal that we can tell you precisely what it means -- for both individuals and society.
Among the lesser reported findings in our stories released Tuesday, fewer than 3 in 10 of America's underemployed feel good about the money they have to spend or feel able to make a major purchase if needed. Just over half say they "have money to buy the things they need."
The extent to which the underemployed feel financially strapped, compared to their employed counterparts, adds up for the U.S. economy. In January, the underemployed, on average, reported spending $48 per day compared to the $75 per day reported by those employed to their desired capacity. That's 36% less money changing hands within the U.S. economy due to underemployment.
But two underemployed people -- despite sharing the same employment status -- will likely differ in their behavioral impact on the economy based on whether or not they are hopeful about finding a job soon. We put this question to our underemployed respondents and found that 61% were not hopeful about finding a job within the next four weeks. Those who are not hopeful are more likely to worry about the amount of money they are spending and feel even less able to make a major purchase if needed.
And we know the impact of underemployment and hopelessness extends far beyond finances. Our Jenny Marlar found that being underemployed cuts your likelihood of "thriving" in overall well-being from 60% to 40%, and among the underemployed, a lack of hope further reduces it from 47% to 36%. Since this life evaluation measure gauges all that an individual needs and desires for the "best possible life," there is much more to be said about how underemployment affects a person's overall state of mind and well-being.
That's what we'll bring to you on Gallup.com. With our employment tracking joining the roster of measures we track and report daily, we will not only provide the most up-to-date read on Americans' employment status available anywhere, we will also monitor and report how employment status relates to the many other measures we track -- spanning one's physical, emotional, financial well-being and more.
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