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November 8, 2013
Obamanomics Update: Another 720,000 Americans Drop Out Of Labor ForceTopics: Political News and commentaries
The extremely low labor force participation rate is what's keeping the official unemployment rate artificially low.
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 in neither working nor actively looking for work.More here ...
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.
As Tyler Durden points out at Zero Hedge, the number of people not in the labor force exploded by nearly 1 million, or 932,000 to be exact, in just the month of October, to a record 91.5 million Americans! This was the third highest monthly increase in people falling out of the labor force in US history.
At this pace the people out of the labor force will surpass the working Americans in about 4 years.
Posted by Hyscience at November 8, 2013 12:29 PM
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