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And the Obama lovers think this was a wonderful report?
Yes, the 288K number and upward revisions of previous nonfarm payrolls numbers were good. The data from the household survey (a separate survey from which the UE rate is derived) was mainly horrific, despite the lower UE rate. According to the household survey, 73,000 fewer Americans actually have jobs.
And the Obama lovers think this was a wonderful report?
Yes, the 288K number and upward revisions of previous nonfarm payrolls numbers were good. The data from the household survey (a separate survey from which the UE rate is derived) was mainly horrific, despite the lower UE rate. According to the household survey, 73,000 fewer Americans actually have jobs.
Not defending any numbers here, but I'll say this--the baby boomers are coming, and they're coming hard.
Only about 10,000 of them turn 65 each day (just to give a number; obviously not everyone retires at the same age). There's a month between jobs reports. That's ~300,000. And more young people are turning 16/18, graduating from high school/college, etc. Working age population is increasing, not decreasing.
Moreover, labor force participation has actually been increasing among those over 55.
Only about 10,000 of them turn 65 each day (just to give a number; obviously not everyone retires at the same age). There's a month between jobs reports. That's ~300,000. And more young people are turning 16/18, graduating from high school/college, etc. Working age population is increasing, not decreasing.
Moreover, labor force participation has actually been increasing among those over 55.
The real problem with unemployment is the economy no longer needs a large number of illiterate, unskilled workers, so we have a huge surplus of them. We can prop up the employed unskilled workers for a while by mandating a higher minimum wage, but that just accelerates their obsolescence as the more expensive they become, the more easily they’re replaced by machines.
This record high "real" unemployment (I've read it is as high as 23%) won't end well, I'm afraid.
Last edited by texan2yankee; 05-03-2014 at 06:56 PM..
Only about 10,000 of them turn 65 each day (just to give a number; obviously not everyone retires at the same age). There's a month between jobs reports. That's ~300,000. And more young people are turning 16/18, graduating from high school/college, etc. Working age population is increasing, not decreasing.
Moreover, labor force participation has actually been increasing among those over 55.
Partly true. Probably off topic for this thread, but the 55+ demographic grew roughly 5X as fast as the 25-54 demographic and still grew at a faster pace than the 18-55 group. For some reason there is a significant drop off once people reach 55.
Here is a 2012 BLS prediction to 2020. Looking at '00-'10, the 16-24 yr old group grew by 1%, but the 55+ grew by 2.6%. The 18-24 yr old group is associated with higher learning though, so if we look at the 25-54 age group the growth rate was only .4%. From '00-' 10 the 55+ population grew by 17K and the under 55 group grew by 8K, in thousands of course, and if you look at the 25-54 cohort that group only grew by 5K.
America is getting older at a faster rate than we have young people entering their best working years.
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