The American economy shed nearly one million workers in October – plunging its already low labor participation rate from 63.2 to 62.8 percent – the lowest it’s been since March of 1978.
Officially, 932,000 Americans left the work force last month – the third highest monthly total in history. As a result, the number of working age Americans outside the labor force climbed to a fresh high of 91.5 million.
Abysmal …
Officially, the news was all sunshine and daffodils though … and pro-government spin.
“Payrolls in the U.S. increased more than forecast in October, a sign that employers were optimistic the world’s biggest economy would weather the effects of the federal government shutdown,” a report from Bloomberg proclaimed.
Wait … the “shutdown?” The one that only impacted 17 percent of the federal government?
Sheesh …
Officially, employers added 204,000 jobs in October, while 60,000 new jobs were added to the September and August totals. The unemployment rate for October was 7.3 percent (up from 7.2 percent in September) although this number is basically meaningless in light of the shrinking labor pool.
13 comments
If you read the Bloombergarticle you will find that (surprise!) Folks is being disengenuous as 800K furloughed workers were counted in his ” 932,000 Americans left the work force last month” statement.
In addition to being unfair and imbalanced, he is inaccurate.
And likewise of the 200k created, some 80% were part of the furloughed set. Keep the same pair of glasses on throughout the whole of your comment/thoughts and it’s amazing how the truth can sneak up on you. :)
What is your source? 80% of 200k is not 800,000.
What’s your source that I’m wrong asswipe?
You are the source that you’re wrong, Frank. You are always wrong – what’s different about this one? Idiot.
Ah, so you just made it up. After all your numbers don’t add up.
That’s typical of the right. Always push what support what fits your narrative and ignore anything that doesn’t. If their is nothing to support your narrative, just tell a lie.
Math.
Hey GOP, keep on shutting down the government. That really helps people…. and jobs. And please please find another Ted Cruz. Find more butthole “leaders” from your extreme wing to preach hate and immoderation, to thumb their nose at bipartisanship. Rubio is a good one for this. PPPPLLLLease do this. Also please ignore facts like the growing numbers of young people and immigrants who don’t like the GOP. Keep hating gay people. Keep denying Medicaid expansion to the poor and needy. Ignore the possible indictment of the Republican governor of Virginia. Please also ignore that moderation does in fact work in politics. Look at Christie’s re-election. Please continue to live in your own little world of fantasy. PLEASE.
Nice MSNBC talking points.
Well, when you livelihood is dependent upon the will of Politicians…….
Lazy good for nothings.
Labor participation is at an all time low over the last 35 years or so you say?
Pfftfttt…tis but a flesh wound.
http://www.youtube.com/watch?v=zKhEw7nD9C4