Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Federal government's standard for labor participation are those who answer affirmative they are unemployed and actively looking for work.
I and am sure many of you out there know a good number of persons who are *not* officially unemployed but on paper at least they aren't working.
Look at all the various home based, online, service or whatever businesses that have grown recently. You have plenty of persons working off the books so to speak and it isn't always "illegals".
Here in NYC know several persons who were made redundant and after awhile of not finding anything started their own gigs. Dog walking, child care, house or business cleaning, laundry services, dress making... the list goes on.
Not only are the females subject to sexual abuse many of both sexes are essentially working "off the books". Their bosses aren't collecting FICA nor reporting wages and for that matter many of the workers aren't either.
You can go around NYC at night and find most of the persons cleaning the floors are now private "contractors". They arrive into the City in droves with equipment loaded into the back of vans.
It stands to reason something is not quite right with these labor participation rates. Where are all these persons getting the money to pay bills? Yes, homelessness has increased along with poverty but those numbers would/should be much worse if so many people are totally without income.
Also "yes" disability claims are up as well, but again those numbers are not telling the entire story.
Group A has a retirement rate of 10% at age 65 meaning only 9 left in the work force
Group B has a retirement rate of 5% at age 65, that means 95 left the work force.
lets assume the work force only consisted of 110 people.
1 person(or 10% of group A) would only be .9% of the work force leaving at retirement, but 5 people leaving would be a 4.5% drop in the size of the work force.
Do you understand the flaw in your argument ?
arguing that more people are working longer ignores the fact that the boomer generation is so large that even when they leave at a smaller rate, it still effects the labor force to a greater extent.
So they make up an increasing percentage of the population and they also make up an increasing percentage of the work force.
"A major factor responsible for this downward pressure on the overall labor force participation rate is the aging of the baby-boom generation."
How is that downward pressure? That percentage is increasing not decreasing.
Because you have a large group of people who are reducing their overall participation rates; moving from prime participation, to increasing non-participation. They may not be reducing as much as people who where their age previously, but it is still a reduction from their prior participation rate. You can do the math or you can read the BLS study that has done the math for you.
People who were between 45-54 in 2002 were participating at 82.1% of the population. 10 years later on 2012 their participation rate was 64.5%. 64.5% although larger than the prior group (people who were between 55-64 in 2002) it is not large enough to prevent the overall LFPR rate from declining. Same is true for those moving from 55-64 in 2002 to 65 to 74 in 2012.
......................... thus the lowest labor participation rates SINCE 1977!
Liberals will never face the fact that Obama has been a terrible president. They just cannot seem to voice that uncomfortable reality.
I don't think any president is particularity good or terrible, regardless of party. They all do the best they can with the cards they have been dealt and the public is not always aware of the cards on the table or those in the game
Tons of crap happens all over the world within and beyond their control. Their administrations blind- side and embarrass them. Sometimes their own parties won't support them. They all inherit a boatload of debt , add to it and pass it on, regardless of their campaign promises.
Their spouses, children and relatives are mocked. In much the same way as extreme Islamic leaders influence some Middle East politics, the U.S. Military/ Defence Complex does so in the U.S.
Obama is the first U.S. President to serve in a robust Internet / social media driven age. It's a game changer.
As for the labor participation rate, guess you choose to ignore that it's been declining for 15 years and most of it has been attributed to the aging population and it will persist no matter who sits the oval in 2017.
arguing that more people are working longer ignores the fact that the boomer generation is so large that even when they leave at a smaller rate, it still effects the labor force to a greater extent.
And either through retirement or death, they're leaving one way or another.
arguing that more people are working longer ignores the fact that the boomer generation is so large that even when they leave at a smaller rate, it still effects the labor force to a greater extent.
Millenials are a larger generation than boomers.Their youngest members will be 18 in 3 years. The eldest millennials are in their early 30's now.
Millenials are a larger generation than boomers.Their youngest members will be 18 in 3 years. The eldest millennials are in their early 30's now.
Which means that in about 30 years they too will likely be causing the LFPR rate to decline depending on their ratio to the rest of the population when they start reaching retirement age.
Labor participation lowest since 1977 at 62%
93 million people NOT working
281,000 applied for unemployment last week,
Four week average weekly claims for unemployment- 274,000
Last week, 432,000 left work force, NO LONGER COUNTED IN WORKFORCE.
50 million on food stamps [most ever]
Only 223,000 people re-hired
MSM headlines--- Unemployment drops to 5.3%
How many more people have to drop out of the workforce for the unemployment rate to be 4.7% [a statistic recognized as full employment] Who doesn't think the rate will be 4.7% the last week of October 2016
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
