The Department of Labor reported job numbers for the month of August, finding that the unemployment rate dropped to a five-year low, currently standing at 7.3 percent. However, as a new poll suggests, many of those who are working are in positions they're overqualified for.
According to the survey, which was conducted by media intelligence firm Mintel, roughly one-third of full-time workers indicated that they've taken a position where their expertise outdoes what they're required to do. Additionally, the poll found that many individuals are underemployed working part-time only because that's all that they could find.
"Unemployment and underemployment are driven by a number of factors including the rate of economic growth, job creation, the amount of government spending, structural changes in the labor force, and skills, occupational or locational mismatches," said Fiona O'Donnell, lifestyles and leisure analyst at Mintel.
Some economic experts say underemployment may be linked to the employee benefit provision of the Patient Protection and Affordable Care Act. Because the law requires large business owners to make coverage available to their workers if they employ more than 50 people, many companies have slashed hiring or are cutting their workers' hours.
