In what was otherwise a mediocre jobs report, in which the establishment survey reported that a lower than expected 261K jobs were added to the post-Hurricane economy, the biggest surprise was not in the Establishment survey, but the household, where the unemployment rate tumbled once more, sliding to a new cycle low of 4.1%, for all the wrong reasons, because a quick look at the participation rate metrics showed that in October there was a sharp decline, with the labor force part. rate sliding from 63.1% to 62.7%, back to 4 decade lows...
... driven by one disturbing metric: the number of people who exited the labor force soared by a near record 968,000 in October - the third highest on record - pushing the total number of people not in the labor force to a record 95.385 million, as the civlian labor force shrunk by whopping 765,000 in one month.
This took place as the number of employed Americans declined by 484,000, however since the unemployment rate denominator dropped more, it translated into an actual decline in the unemployment rate!
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8 comments:
Baby Boomers are retiring.
8:08 AM Nope, not even close. This all started with the great depression recovery and continued with the obamacare mandate. Employers cut people out, or forced then in to part time jobs. Try doing some research before you comment.
This fact was extremely prevalent in the Obama years.
So 8:31 the baby boomers are not retiring? You have to love all the internet geniuses.
Seniors are retiring, teachers retire after 30 years, stay at home moms or dads... Buy yes there is some that just dont want to work
It was recently reported that a record number of baby boomers were now retiring and in some cases not being replaced. Congress not repealing Obamacare will cause small business owners slow to hire more employees. Many factors causing a slow cycle.
94 million Americans aren't working - they're retired, disabled or in school
By Patrick Gillespie May 17, 2017: 2:20 PM ET
President Trump has often cited a number -- 94 million -- to call out the Americans without a job.
He used it many times during on the campaign trail to cast aspersions on the US economy.
"We must honestly acknowledge the circumstances we inherited. Ninety-four million Americans are out of the labor force," Trump told Congress in an address earlier this year.
Economists at the Atlanta Federal Reserve, who updated their research Wednesday, agree with the number. However, their research shows that the reason 94 million Americans aren't working is mostly because they are either retired, disabled, in school or taking care of a loved one.
Here's the break down of the "working" American population for the first three months of 2017.
All Americans 16 years old and up: 254 million
Americans in the labor force with a job: 151.6 million
Americans in the labor force without a job: 7.8 million
That leaves about 94.6 million Americans not in the labor force. But a lot of them are not working for understandable reasons.
44.1 million are retired.
15.3 million are disabled.
14.7 million are in college or job training.
12.9 million are taking care of a family member.
So, of the 94.6 million Americans not working, 86.8 million are retired, disabled, taking care of a loved one, or in school.
94 million Americans aren't working - they're retired, disabled or in school
By Patrick Gillespie May 17, 2017: 2:20 PM ET
President Trump has often cited a number -- 94 million -- to call out the Americans without a job.
He used it many times during on the campaign trail to cast aspersions on the US economy.
"We must honestly acknowledge the circumstances we inherited. Ninety-four million Americans are out of the labor force," Trump told Congress in an address earlier this year.
Economists at the Atlanta Federal Reserve, who updated their research Wednesday, agree with the number. However, their research shows that the reason 94 million Americans aren't working is mostly because they are either retired, disabled, in school or taking care of a loved one.
Here's the break down of the "working" American population for the first three months of 2017.
All Americans 16 years old and up: 254 million
Americans in the labor force with a job: 151.6 million
Americans in the labor force without a job: 7.8 million
That leaves about 94.6 million Americans not in the labor force. But a lot of them are not working for understandable reasons.
44.1 million are retired.
15.3 million are disabled.
14.7 million are in college or job training.
12.9 million are taking care of a family member.
So, of the 94.6 million Americans not working, 86.8 million are retired, disabled, taking care of a loved one, or in school.
Not good with numbers - but isn't 4.1 percent unemployed low. Good for America.
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