LABOR PARTICIPATION PLUNGES TO 1977 LEVELS …
|| By FITSNEWS || A record 93.6 million working age Americans were not part of the labor force in June – an increase of 640,000 from the previous month. As a result, the nation’s labor participation rate plunged from 62.9 to 62.6 percent.
That’s it’s lowest level since October 1977, marking what our friend at Zero Hedge referred to as “the accelerating deterioration of the broader economy.”
Take a look …
(Click to enlarge)
(Chart: via Zero Hedge)
According to government data (.pdf here) 223,000 jobs were created in June – less than analysts expected. Also May’s job growth – originally pegged at 280,000 – was revised lower to 254,000.
Even worse, while the government’s establishment survey showed a modest uptick in employment, its household survey showed a decline of 56,000 workers last month. In fact that data revealed a loss of 349,000 full-time jobs – of which there are currently 121.1 million in American (less than the pre-recession mark of 121.9 million).
“Recovery?” Um …
Of course if you watch your local nightly news this evening, you’ll hear that the unemployment rate – which at this point is a virtually meaningless indicator – dropped from 5.5 percent to 5.3 percent.
Never mind that the reason for the decline is a shrinking workforce …
33 comments
I helped the SC unemployment numbers for June when my Benefits were exhausted in May. Just doing my part to make Nikki look good.
Before snide remarks come in, yes I looked, yes I interviewed, just could not lock one down. I did find out I have a job yesterday, pays way more than no job. To which I’m grateful
Best of luck in tough times.Is relocating an option? Good luck with your new job.Investigate starting your own small business.
Linkedin – if you’re not on it – you’re not in it. It’s universally used by recruiters.
I recommend you go on welfare immediately and just stay on this site all day every day annoying the other readers with psychotic babbling. I haven’t looked back yet! LMAO!!!
I am paid to lie all day on blogs/forums.Try it.I hate America and can get my message out.
You do hate America, don’t you? We all knew it already but it is good to hear you admit it.
TAKE THE AMERICAN FLAG DOWN!
Yes, please! I want to burn it! LMAO!!!
Naw, Bo. I heard on the radio (Fox Radio News, in fact) that the unemployment rate is the lowest it has been in 7 years. We’re booming, it seems. Gay marriage, the Confederate flag and accessing Obamacare are all we need to worry about. It’s great out there. Fox Radio News said so.
Yeah … Seems to be plenty of work for gay/acorn/occupiers/flag burners … in Gruberment, Hillary campaign HQ and at moveon.gov
Labor participation rate. Let’s put that in perspective. According to the graph, in 2000, out of a hundred people 67 of them participated. Today, that’s 64 people out of 100. So in reality, we’ve witnessed 3 people out of a hundred are not participating. Now here’s the definition for who gets counted – “Typically “working-age persons” is defined as people between the ages of 16-64. People in those age groups who are not counted as participating in the labor force are typically students, homemakers, and persons under the age of 64 who are retired.” So out of 100 people, you have say one housewife who’s husbands are doing well and they don’t have to work, and 2 persons who decided to go to college instead. To support some of this, consider these numbers – increase in full-time attendance in 4-year university 2006 to 2014 – up 2.5 million. Two year colleges at full-time – up 2 million. So there’s 4.5 million right there. 5.3% unemployment – Good News for America. Let’s Celebrate America.
Right again Rocky. Good work.
Yeah, right … And you seem to have no one to blame … except maybe The Taxpayers and the lazy workforce. Oh Bummer?
Well those lazy workers have to put more effort into doing their jobs so the hard working welfare leeches like me can stay on here and fellate Republican politicians and stalk Boz and Rocky.
No problem Flippy. Love ya!! Wait a minute – you can’t be the real Flip.
My add on for labor participation rates – they say it’s the lowest since 1977. Just consider it was even lower through the 1950s, the 1960s and most of the early 1970s. And you can’t say the economy was sucky all those years.
More stay at home mom’s.
They’re ruining America. We should hate stay-at-home Moms.
I do, but only if they fail the paper bag test.
Relax Rocky.The flag is coming down.Go spend some time with your family this weekend and try not to hurt anybody.
Not like me of course.
Prison food is awful.
Man I am so unoriginal.
It was interesting that Grand Tango disappeared around the time Dylann purchased his weapon, and has now gone totally silent.
It seems GT was getting legitimate (detailed) threats from some forces on this site, regarding his family.
My guess is that GT stood to be a victim of violence, but we live in a society where his rights are not as important, or as protected, as those who vote for ruling and corrupt elitist class. GT does not fit the profile as one that deserves protection, based on the media’s and the government’s care-for list.
Sounds like something I’d do. LMAO!!!
Really? How could someone on this site threaten him or his family. I don’t know who he is, but then again he did promote that blog. If anyone truly threatened him or his family, that’s too bad. Uncalled for.
Rocky,this may be in bad taste, but if you visited my Bible study group, I would let you in.
GT is a nut! He accused me of being a narc and yet continues to make veiled threats to me. Maybe someone was threatening him and his family, but most of us didn’t even know he had a family. I always thought he lived in his mom’s basement. He is the one who issues threats – read his comments.
Shocking! Thumper agrees with Fits!.
Except for the top line, 223,000 non farm payroll created, every other number from this report was either bad or good for the wrong reasons.
The enemployment rate declined by 0.2% when the household survey of employment declined by 56,000 because the divisor (labor force) declined by 432,000. This is an indication of pessimism.
While the institutional non farm payroll is up 223,00, it tends to be erratic with a lot of statistical noise and difficult seasonal adjustments. The household survey which is down 56,000 is smoother, but contains farm workers and more self imployed.
Fits mentioned that the May report was revised down by 26,000, but failed to report that April was also revised down by 34,000.
The LPR did decline 0.3%, but for the first time in over a year the household survey employment and employment – population ratio (-0.1%) declined.
Also, the personal income and number of work hours were stagnant for June.
The decline in full-time jobs of 349,000 probably doesn’t mean much. It’s a choppy statistic as you can see in the link.
http://data.bls.gov/timeseries/LNS12500000
Overall not good news, but it’s only one month. I still think the US is outperforming other developed countries. Our strong dollar and Greece ‘ s instability is hurting trade.
Best-time working I looked at the draft which said $9958@mk7
a….
http://www.FinanceWorksWorldCrowd/lifetime/work...
(waking up from a dead faint… looks around)
Noooo… nonononono…. aaahhhhrhhrrrggghghghhgh!
*thump*
You did a great job anthropomorphizing the economy.