Final answer:
The term "hidden unemployment" encompasses the increasing number of part-time or temporary employees, as well as underemployed individuals. The rise of the temporary worker industry, with the aid of internet job searches and platforms like LinkedIn, has contributed to such employment trends, affecting overall unemployment rates.
Step-by-step explanation:
The growing number of employees that are part-time or temporary are often referred to as part of the “temporary worker industry” or, more broadly, they fall under the umbrella term of “hidden unemployment.” With the rise of temp agencies and the changing structure of the job market, these types of employment arrangements have become more common. Employees in such positions may be counted as employed, despite seeking full-time, permanent work, or they might be considered underemployed if they are working in jobs that do not fully utilize their skills and education.
Since the early 1980s, the percentage of workers holding jobs through temp agencies has increased significantly, indicative of the growing reliance on temporary employment. These temp jobs can reduce the natural rate of unemployment by providing immediate employment opportunities and serve as a stepping stone to permanent positions. However, this also contributes to the phenomenon of hidden unemployment, capturing those in part-time or temporary roles who wish for more stable, permanent, or fulfilling employment.
Moreover, online tools like internet searches and social networking sites such as LinkedIn have dramatically changed how people discover and apply for jobs. These advancements, combined with demographic shifts like the aging of the baby boom generation, also impact employment trends and the labor market as a whole.