The Growing Class Of "Underemployed"

Carlos Campo has had plenty of work lately. Problem is, it's all in his own home. He's a carpenter in Florida, where the construction boom has gone bust, CBS News correspondent Kelly Cobiella reports.

"Have you gotten any nibbles?" she asked him.

"Here and there I get an offer, but it only lasts like two weeks, and then I lose my job again," Campo said. "I gotta reapply for unemployment."

As a result, Campo's income dropped from $45,000 last year to $19,000 this year, while the cost of food and utilities rose.

Does he worry about paying those bills?

"Every day," he said. "Bill collectors calls me every day."

The number of people like Campo - working part time - grew by 308,000 this month.

Year-to-year, the number of part time workers is up 1.4 million. That includes people who need the extra income - and those who want to work full-time but can't find a full-time job.

"Businesses are cautious about hiring, and they're trying to cut their labor costs any way they can. That's going across the board and it's reducing the number of full-time workers, it's reducing overtime, it's just reducing the average work week," said economist William Cheney.

And, it's increasing the number of workers looking for a second paycheck just to make ends meet. That means even more competition for fewer jobs.

Kevin Lloyd is a fiber optics engineer. Looking for work, any work since September.

"Even if it's not in the field I'm in, it's still, you know, if someone is laid off from working in a fast food place, they might try and get a job I'm going for," Lloyd said.

A job that for Carlos Campo could save the family home. He can't afford the mortgage, and can't find a buyer.

"I look for a job every day, but I can't … find a job," Campo said. "I just hope it gets better."

That is, before his finances get worse.