A previous reply mentioned that the US, finally, after 6 years, is back to the pre housing crisis workforce numbers. This is true, however, the population has grown since then and we are still about 7 million jobs short [0]. Also, the labor department includes, as said in the OP, underemployment. Typically you then have to work more jobs or live much less high on the hog. This is in addition to the older workforce continuing to stay in their positions.
I have an anecdote on this as well. My brother used to work for Lockheed. Many times, an expert would retire with no replacement in the free world to step up. They would then need to hire the expert back again for a much inflated price. The cows recently came home for that particular plant, as this last year all 4000 employees were fired. I'm sure the rehiring of more expensive contractors played a role.
[0]It's Friday, google it please, my apologies on the laze.
I have an anecdote on this as well. My brother used to work for Lockheed. Many times, an expert would retire with no replacement in the free world to step up. They would then need to hire the expert back again for a much inflated price. The cows recently came home for that particular plant, as this last year all 4000 employees were fired. I'm sure the rehiring of more expensive contractors played a role.
[0]It's Friday, google it please, my apologies on the laze.