Nearly a quarter of Americans are ‘functionally unemployed,’ highlighting a major crack in the labor economy

Good morning!

The current labor market appears strong on the surface, but there are big problems lurking underneath. 

Unemployment is still low at 4.2%, wage growth is steady, and the U.S. added a relatively healthy 139,000 roles in May according to the recent jobs report from the Bureau of Labor Statistics. But a growing number of Americans are “functionally unemployed” according to a new report.  

That’s a term that describes people who are not included in topline unemployment numbers...