No, I’m saying that the job market overall for economists is good enough that those who do not get TT jobs do not have to get underpaying non-TT jobs to survive. Those who could not find a well paying TT or non-TT job can get jobs in industry. So most who want a well-paying job as as an economist can get a well-paid job as an economist (some 95%).
In economics, like in every academic field, most PhDs will end up in a lower-ranked place then where they did their PhD. However, in fields with high demand, like economics, even graduates of the lowest ranked PhD program can get industry jobs. According
Two thing lead to having large numbers of Phds working as low-paid adjuncts:
A. Lack of non-academic jobs, and
B. Unwillingness of PhDs to consider non-academic jobs, even if academic jobs pay a pittance.
Neither is true for economics PhDs.