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Kinda wish that they'd delete all the BS that makes the unemployment rate an almost pointless number. But since you've brought it up, I'll go look up the real numbers and post them here. Haven't checked them in a long time so I don't honestly know what to expect, but I suspect we're still in employment free-fall, but maybe not. We shall see.
Labor Participation Rate
Source: U.S. Bureau of Labor Statistics
We've been in freefall ever since Obama took office. I know, I know, it's all George W's fault. But if you look really really close, there actually is a tiny uptick at the end of that thing. So the question is, are we witnessing the start of a real recovery trend, or it is just a little hiccup in the ongoing free-fall?
And since it always comes up, I'll go ahead and defend my use of the LPR. The immediate knee-jerk reaction that you always hear: "The LPR looks that way because the baby boomers are retiring so fast." The problem with that statement is that those parroting never have any numbers to back it up, and for good reason. The impact of the rate of retirement by the baby boomers has been more than offset by the following:
From 2000 to 2010, the 55 and over population demographic experienced a 7.8% increase in workforce participation. We're still early in the new decade, but since 2010 there has already been an additional 2.8% additional increase. That means that since 2000, there has been a 10% increase in people over 55 postponing retirement and staying in the workforce. This trend more than offsets the LPR's losses to baby boomer retirement.
What we're actually seeing is a revival of the old-school "work until you're dead" culture. Many aging Americans "retire" from one job just to turn around and get another job somewhere else. Actual retirement is a luxury that most people just can't afford anymore.
Conclusion: There is no compelling evidence to suggest that the bleeding has even slowed, much less stopped in the United States Workforce's ongoing crisis.
Kinda wish that they'd delete all the BS that makes the unemployment rate an almost pointless number. But since you've brought it up, I'll go look up the real numbers and post them here. Haven't checked them in a long time so I don't honestly know what to expect, but I suspect we're still in employment free-fall, but maybe not. We shall see.
The number showing unemployment should certainly include number of people on food stamps and on disability handouts, Medicaid, and getting government housing subsidies.
That would be a truer measure, and would show that jobs aren't substantial enough if the employed are actually on welfare handouts.
If there were really only 7% unemployment, we would not see the massive and growing numbers getting on disability handouts or food stamps.
Yep, anyone believe there are over 21,000,000 25-54 year olds who do not want or need a job. Not many 54 year olds can afford to retire and not many, a miniscule amount, of this age group are independently wealthy or Trust Fund babies.
The 101 million number is the working age Americans classified as "not in the workforce". However, Suncc499 either used the wrong number, or is pulling from info other than BLS. As of Nov. 2013, BLS is showing 91 million working age Americans not in the workforce, or 29% of the overall population.
But this is where the statistics start to get fuzzy.
In the chart, under the column "Do Not Want A Job Now", the number is 86 million people. In the footnotes for that number, it says "Includes some persons who are not asked if they want a job." That's a VERY broad interpretation, because I'm sure they didn't ask 85,985,212 people if they want a job.
Again.....so we're to believe as gospel everything coming from DC? The same statistics can always tell more than one story.
I have wondered about this myself. Really muddies the waters even further.
Quote:
Originally Posted by CDusr
Persons not in the labor force by desire and availability for work, age, and sex
If you look at the footnotes this doesn't even make sense.
Why would you lump 2 opposing groups?
Look at (1), the largest group. Do not want a job and want a job, both reference this footnote.
Then read the footnote. (1) Includes some persons who are not asked if they want a job.
Very unclear.
"Job creation moved forward again in November, with the U.S. economy adding a better-than-expected 203,000 to the employment rolls in news likely to cloud the future of monetary policy.
The unemployment rate fell to 7 percent.
Economists were expecting the Bureau of Labor Statistics to report 180,000 new jobs created in November, down from an initially reported 204,000 in October. The unemployment rate was expected to decline a notch to 7.2 percent from 7.3 percent..."
Sounds like taper may come sooner rather than later.
The more comprehensive U-6 UE rate took an even bigger drop from 13.8% to 13.2%
Ken
Without reading a single post, conservatives will be very upset about this jobs report. They'll point labor participation, they'll say the numbers are cooked. They'll say the jobs are all part time, the christmas hiring surge. They'll talk about President Obama's approval rating.
What conservatives won't do is be happy that more people are getting jobs.
One has to remember when looking at both unemployment rate and the non-participation rate that last stats I read was that 10K boomers are reaching 65 a day now and that 8K a day actually retire. That is like 240K a month retiring. Its said that will go on for the next 19 years.26% of the population are boomers.
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