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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.
lol.
There should be more millenials entering the job market than there are boomers leaving, given that the latter are working longer.
The labor participation rate is low because those under 55, and particularly those in their 20's, are navel gazing rather than working.
How is that possible when those aged 55+ and increasing the labor force rate.
Good to know.
Because the number of people aged 55+ is increasing at an unprecedented rate in absolute numbers and more importantly, as a percentage of total population.
The Labor Department predicted a drop in Labor Force Participation way back in 2002
But never mind reality...those things are mutually exclusive to the partisan posters of CD.com who are looking to blame the party or politician they dont like the most
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
Do you realize that we are at 40 year lows for those applying for unemployment? It has not been since the early 70s that the numbers have been this low for a sustained period of time.
Who makes up the largest segments of those 93 million who are not working? Answer: the retired.
The LFPR rate hit 62.8 in Oct 2003 when the unemployment rate was 7.2%. Today the LFPR is 62.6 with and U3 unemployment of 5.3. Clearly those dropping out does not explain the decline. In addition the non-seasonal adjusted LFPR rate showed an increase in the last report from 63.0% to 63.1%.
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Location: Pine Grove,AL
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Quote:
Originally Posted by Goinback2011
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.
There are 77 million Baby boomers (born between 46 and 64) or 24.3
There are 83.4 million millennials(born between 1982 and 2000).
so there are roughly 6 million more millennials than there are BB's
17% of which havent even hit 18 yet, 54% of high schools go to college so you also add in another 11.12% who didnt enter the work force immediately as well(people currently in college who are millennials)
so 28.12 of millennials arent in the work force, thats adds up to 23 million millennials.
so the real number of millennials fully in the work force is 60 million, not 83.
so while there are more millennials than BB's, the work force currently consist of more of the BB's
yes I know, there are kids in high school and college who work, kids who quit college, but there are also graduate students that I didnt add in, those on disability, internships, religious emissaries and so on.
You are leaving out a huge factor. Globalization. Many jobs are simply no longer needed here. Too much labor, not enough demand.
So tell me why anyone would want to import more foreigners? Despite some high skilled posts, you have the third largest populated country fighting for fewer and fewer jobs. Need to shut immigration down NOW. There is just not enough work for 315,000,000 "candidates" over the next 20 years? globalization and business optimization assures it....more with less, longer hours, streamlining......downsizing through attrition and more optimization....... It will continue. Don't need anymore "help" or we will eventually look like Beijing or Calcutta. Choose.
Because the number of people aged 55+ is increasing at an unprecedented rate in absolute numbers and more importantly, as a percentage of total population.
Quote:
Originally Posted by middle-aged mom
Indeed they did. And they attributed it to:
Aging population
Continued decline in working women
More young people going to college
Exactly. Do you people seriously not understand this or is it just another excuse for Obama haters to spew?
These "not participating in workforce" people are mostly retired or in college.
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
Good economic developments really upset the Obamaphobic right.
I'm not so certain about that. In the area I live in there is a perception that there is "no jobs" for people but the reality is that too many people are unskilled so are not qualified for high paying jobs.
Anectodal but I am a member of a facebook group for my area that highlights local job opportunities. I'd say nearly 60% of the people, when a job is posted as "do they hire felons" or "is there a drug screen."
Many people cannot find a job due to those reasons alone and we have open positions, even unskilled positions, that go unfulfilled due to people having a criminal background or doing drugs.
Everyone I know who wants a job, even older people who are on disability and went on disability between 2008-2010 when they couldnt' find jobs, now have at least a part time position. People who want to work are working. Those who want to make a specific amount of money or those who are picky/choosy about where they will work are unemployed (in that group we also have people who state they are looking for jobs but don't want to work at McDonald's which is hiring in our area and they pay $10.10 an hour, which IMO is good money for unskilled people in our area as it is pretty cheap to live here)
Yup. Overall the economy is pretty good. There are some areas where it's still weak, but many parts of the country are doing pretty well. Here in little old Benson, AZ - a small rural town in a fairly Red state - the economy is still pretty weak, but nearby Tucson is doing much better, Phoenix is doing well and deep-blue Seattle (where I used to live) is positively booming, Most people in most parts of the country who really want a job can generally find one if they are skilled labor. With our aging population, lots of people just don't want to work anymore so I don't really have a lot of concern about the Labor Force Participation Rate.
A couple of years ago I predicted that by the time Obama leaves office the U-3 UE rate would be 5-something percent. I was wrong. It's pretty apparent that it will be in the 4-something percent range.
Ken
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Oh, no! Good news!
