This looks like a good spot to put this:
http://www.cnsnews.com/news/article...-force-participation-rate-matches-36-year-low
Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low
(CNSNews.com) - A record 92,269,000 Americans 16 and older did not participate in the labor force in August, as the labor force participation rate matched a 36-year low of 62.8 percent, according to the Bureau of Labor Statistics.
The labor force participation rate has been as low as 62.8 percent in six of the last twelve months, but prior to last October had not fallen that low since 1978
Jobs Report: 204,000 Jobs Added in August
Discussion in 'News & Current Events' started by InTheLight, Sep 4, 2014.
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InTheLight Well-Known MemberSite Supporter
Yes, 10,000 people a day at retiring.
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Revmitchell Well-Known MemberSite Supporter
U.S. Unemployment: Retirees Are Not The Labor Exodus Problem
Since 2008, the civilian non-institutional population has jumped by 11.9 million, yet the civilian labor force has only increased by 1.1 million, according to annual figures published by the Bureau of Labor Statistics.
The above numbers speak to a pronounced drop in labor force participation—that is, those working or looking for work—with the participation rate dropping from almost 66 percent throughout 2008 to its current level of 62.8 percent, the lowest it’s been since 1978.
If the labor force participation rate had held steady at its 2008 level, unemployment would be 11.2 percent instead of the current reported rate of 6.7 percent.
That labor force participation has been dropping is undisputed. The question is why.
Is the decline in labor force participation a result of older people retiring en masse, younger people failing to enter the work force, or both?
If it is the former, then Americans can take confidence in the reported unemployment rate of 6.7 percent, that its steady drop is very real and means labor market conditions are in fact improving.
If, however, younger Americans are not entering the labor force and/or middle-aged people are dropping out, quite the opposite. The reported unemployment rate then understates the reality of current labor market conditions. Then, individuals are not looking for work conceivably because there is little work to be found and so they are giving up — in short, an economic calamity.
On one side are those who take the view that what is being observed are actually Baby Boomers leaving the workforce and retiring, such as minnpost.com’s Erik Hare, writing in a piece, “Decline in labor force driven by retirement, not discouragement.”
Hare calls it a “lie” that “this is the result of people giving up looking for work, a sign that the ‘recovery’ is weak.” Instead, Hare points to a Philadelphia Federal Reserve study on the topic that takes a narrow look at Bureau nonparticipation data, concluding that retirements beginning in 2010 began to play a role in driving down the participation rate.
The trouble with the study is that labor participation has been declining a lot longer than since 2010. In fact, it peaked in 1997 at 67.1 percent, and has dropped annually ever since. As the study notes, “retirement had not played much of a role until around 2010.” By then, the rate had already dropped 2.4 percent.
Meaning, retirement cannot be thought to have played much of a role in the participation rates up until that point, and may only be tangentially affecting it now.
http://www.forbes.com/sites/realspi...nt-retirees-are-not-the-labor-exodus-problem/ -
I don't think that explains it at all. -
Revmitchell Well-Known MemberSite Supporter
Record Low Labor Participation Rate Not Due to Retirement or School
We can see from the above young people are participating dramatically less in the labor market now in comparison to 1999. We can also see more people over the age of 60 are either working or looking for work as well.
http://www.economicpopulist.org/con...pation-rate-not-due-retirement-or-school-5431 -
InTheLight Well-Known MemberSite Supporter
Various studies have pegged retirees as being responsible for anywhere between 25% and 80% of the labor participation rate. Revmitchell posted an article citing the 25% rate earlier today.
Whatever the real number it must be taken into account and it's inaccurate to simply attribute the reduced labor participation rate to the lack of jobs. -
Especially since the number of seniors in the workforce has been on the increase since the recession began. -
InTheLight Well-Known MemberSite Supporter
Various studies have pegged retirees as being responsible for anywhere between 25% and 80% of the recent decline in the labor participation rate. Revmitchell posted an article citing the 25% rate earlier today. -
Revmitchell Well-Known MemberSite Supporter
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InTheLight Well-Known MemberSite Supporter
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Earth Wind and Fire Well-Known MemberSite Supporter
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InTheLight Well-Known MemberSite Supporter
Besides, Obama proclaimed last summer that it was the "summer of recovery". :tongue3: -
Earth Wind and Fire Well-Known MemberSite Supporter
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Earth Wind and Fire Well-Known MemberSite Supporter
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Revmitchell Well-Known MemberSite Supporter
When we have that many people dropping out of the work force there is no recovery.
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Earth Wind and Fire Well-Known MemberSite Supporter
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Earth Wind and Fire Well-Known MemberSite Supporter
If "WE" are in "Recovery" ......OK, lets use a famous Alcoholics Anonymous expression to clarify....then we have fallen OFF THE WAGON :BangHead:
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Revmitchell Well-Known MemberSite Supporter
We live in an area that has been affected by the oil and gas boom. However they are all coming in the area from Texas and Oklahoma people here have been on assistance so long that you can't get them to go to work -
Earth Wind and Fire Well-Known MemberSite Supporter
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