Conflicting interpretations of economic and social conditions in inter-war Britain are a staple diet of the historiography of the period. Can it be best characterized as one of social deprivation and economic decay or of social and economic improvement? The level of unemployment and its effects on those who experienced it is a critical element in the debate and this study will contribute to it in a number of ways. It will, through a case study of the East Midland coalfields, emphasize that underemployment (or short-time working) has been comparatively neglected in accounts of unemployment and the “real” incidence of the latter therefore underestimated. Moreover, the effects of underemployment were no less real in terms of depressing living standards than more permanent forms of unemployment. The traditional view of the relatively prosperous underemployed East Midlands' miner compared to his fully employed Durham or South Wales counterpart is, therefore, no longer tenable, The view, popularized recently by Benjamin and Kochin, that this form of unemployment was voluntary in nature will also be questioned as will the generalization that miners' trade unions preferred wage maintenance to maximising employment levels in their industrial relations strategies. Trade union officers gave a high priority to achieving an employment situation which combined work spreading and the receipt of statutory unemployment benefit by their members. The partial failure of these endeavours to mitigate the full impact of short-time working on miners' income is further evidence of the need to qualify the “optimistic” interpretation of living standards in inter-war Britain.