Number of Americans involuntarily working part-time falls by 707,000 to 3.6 million, lowest level in 21 years

cnbc.com:

The number of Americans who want to work full-time but are forced to work part-time jobs declined in June to its lowest in more than 20 years, according to federal data issued Friday, underscoring the strength of the labor market and the bargaining power of workers.

There were 3.6 million workers «employed part-time for economic reasons» in June, a decline of 707,000 from the prior month, according to the U.S. Department of Labor's monthly jobs report.

That's the lowest level since August 2001, according to historical data compiled by the Federal Reserve Bank of St. Louis.

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The Labor Department classifies individuals as «employed part-time for economic reasons» if they prefer full-time employment but are forced to work part-time because their employer cuts their hours or they can't find a full-time gig.

«We have seen a pretty dramatic decrease, and I think that's a very healthy sign for American workers,» said Daniel Zhao, a senior economist at career website Glassdoor.

Prior to the pandemic, the number of involuntary part-time workers dipped below 4 million just two other times in the last two decades — in July 2019 and March and April 2006, according to the Federal Reserve Bank of St. Louis.

That decrease comes on the heels of other federal labor data issued Wednesday showing employers' demand for workers remains near all-time highs, which means the dynamic is tilted in employees' favor.

Job openings and the rate of people quitting their jobs at the end of Maywere near peak levels set in March, and layoffs remained near all-time lows.