On Friday, the Labor Department reported that 720,000 Americans left the labor force. This exodus pushed the labor force participation rate down to 62.8%, the lowest level since 1978. One out of three adults is neither working nor actively looking for work.
Some observers attribute the sharp drop to the shutdown and the furloughed federal workers. Even if that were the case, and it is unclear why these workers would be counted as not in the labor force, the number of Americans exiting is still significant. The total number of adults not in the labor force in October rose 932,000 to almost 92 million. (see note below)
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UPDATE: The Bureau of Labor Statistics, responsible for compiling the jobs report, has told CNBC that the government shutdown "categorically" is not a factor in the labor market exodus. It never really made any sense that furloughed workers would be counted as leaving the labor force, but we now have confirmation they weren't. The 720,000 workers leaving the labor force is one of the largest exoduses in history.Read the full story HERE.
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1 comment:
"On Friday, the Labor Department reported that 720,000 Americans left the labor force. This exodus pushed the labor force participation rate down to 62.8%, the lowest level since 1978. One out of three adults is neither working nor actively looking for work"
Those figures are staggering...THINK ABOUT IT..." ONE OUT OF THREE adults is neither working nor actively looking for work."...UNBELIEVABLE!
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