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Americans Not In The Labor Force Rise To Record 92.9 Million As Participation Rate Declines Again
For those (very few now, with even the Fed admitting the unemployment rate has become a meaningless, anachronistic relic) still wondering why the unemployment rate dropped once again, sliding from 5.7% to 5.5%, the reason is that while the number of unemployed Americans dropped by 274K thousand while those employed rose by 96K, the underlying math is that the civilian labor force dropped from 157,180 to 157,002 (following the major revisions posted last month), while the people not in the labor force rose by 354,000 in February, rising to a record 92,898,000 (people who currently want a job rose to 6,538K) matching the all time high number of Americans not in the labor force.
End result: the labor force participation rate dropped once more, declining to only 62.8%, which as the chart below shows is just off the lowest print recorded since 1978.
Source: BLS
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Not to worry, this is the age of Free Shit™!
The one graph above, pretty much says it all
Job Layoff List: http://www.dailyjobcuts.com
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Hell yes it's a new record!!!
We're pretty awesome!
In a land of negative interest rates couldn't the jobless rate go to -5%?
It's going to be interesting to see what they do as the number approaches zero, which theoretically should be a limit.
I'm assuming they'll once again adjust the formula in order to reflect the facade they're promoting.
We have the most "transparent" progressive regime in history. I guess in the progressive dictionary transparent means lying.
Grimaldus
Communist regime... They are just starting to show their hand
In a land of negative interest rates couldn't the jobless rate go to -5%?
Maybe if they count the folks who lose multiple part time jobs at the same time? 2 or more lost jobs for one person!!
I suppose these weasels could start claiming a person working two part-time time jobs counts as 1 1/2 employed people?
I guess i should have looked one more comment down.
Wrong. They're already counting two part time jobs as 2 employed people. They'd have to increase it from there.
Once again, the numbers drum. May seem not possible, but do not underestimate the capacitance of 'american' ingenuosity.
US citizens have this knack for holding in the head a multiplicity of thoughts and ideas in contradictature. This is not a form of nutsery, this is exceptionalism.
Nothing stronger than 'american' confidence in overcoming the environment, so nothing they make can spiral out of control.
US citizen math running crowd will prove scientific feasibility of negative unemployments rate. Cat in the box stuff.
Maffs is hard, 'specially frakshuns!
Bullish!
where is the Circus today and what time does it start?
Yeah, well don't expect to see any elephants. We're all Democrats now.
Too true... Ringling Bros. to give up elephant acts in 3 years
I smell opportunity for unemployed obese Americans.
That should also help the unemployment numbers, after all elephants don't count. Look, a new job created.
There is hope for elephants!!
http://www.wkow.com/story/28271410/2015/03/05/circus-world-aims-to-keep-...
working is so 1990's
Seth, thank you for the morning smile. Anyone think John Galt is to blame? I know some people that knew some peoples that were under his influence for a few years -- until they ran out of money.
Exactly ... are you listening? I'll tell you sumpin': Those were better times! Much better.
"Jobless rekovery" is robuster then they thought.
free stuff is so much better.
Right, so why are 62.8% working?
Chumps!
Hamsters on a wheel chasing the fiat, created out of thin air, to feed the little ones and crack the monthly nut, maybe eat out once in a while to stimulate more food sector jobs.
Dad, I got some bad news about medicaid. Dad, I have worse news about social security.
Don't tell him what's going to happen to his pension
Dad was always a paper bug. I will explain it all to him once he is living in my basement.
Dad's paper is having another good day.
It sure has been for the last 6 or so years. He is going to need all the help he can get. I just hope the ladder does not fall while he is reaching for yield/return.
DP
My kinda fun
What's a pension?
Something people that the fabled "middle class" used to have.
A failed corporate / government ponzi scheme
Demographics. Also means spending cutbacks.
Everything is awsome!!!
the Dow will retire everyone. Need more Illegals.
Roman Empirical Logic.
This is actually good news.
If you want to be an unemployed bum......it's great news.
Hillary/Jeb 2016
Let's not leave anyone out.
Jeb/Hillary2016
Since we combined tickets, I, Hitlery as President and Jeb Shrub as VP will see that Americans will get what's coming to them!
Don't forget their other cousin - Walker. Maybe he can be first assistant to the Royal Family fluffer.
Tyler, don't forget to post the graphic of those over 65 entering the work force. CNBC likes to push that narrative that the dropping labor force participation is a demographic issue, yet the drops are concentrated mostly among prime working-age Americans.
UD grad eh?
and yes that's the most valuable proof that this isn't a baby boomer thing, it's young men who are dropping out as 65+ stays in.
The article from the other day about Americans spending more eating out was telling - at least we're utilizing all those newly minted waiters and bar tenders.
Indeed I am! I like to brag about Joe Flacco & Rich Gannon being our alumni...I kind of pretend Joe Biden and Chris Christie aren't...
Big UD presence in my family, and plenty of annual D1AA football rivalry going on between JMU, Richmond, W&M, and UD.
I try to forget about Biden and Christie constantly.
"I try to forget about Biden and Christie constantly."
Those guys.....LOL!
Welcome Blue Hen. U of D had a Burroughs mainframe in their computer center when I was there. More than one student littered 896 with dropped card decks trying to get to class before they built the overhead walkway. The Deer Park was a health hazard back then and Christiana Towers had just opened. Did you hear about the Newark Mini-Riot and what happened to the Newark cop who tried to drive through a group of students? Beer bottles and bricks baby!
I did hear about that indeed. I was a big fan of Patrick Harker coming in and whipping the school into shape, improving the curriculum and making it more selective. I'm not sure if you heard, but he recently was appointed as the new head of the Philadelphia Federal Reserve. He leaves UD in July. I was disappointed on the news, looks like they got him...
He is also replacing Plosser, who is one of the very few hawks in the Fed. I have no idea what Harker's views on monetary policy are, but he did help adjust Delaware's budget when he was President so my hope is that he will bring that attitude to the Fed and its bloated balance sheet.
I haven't been keeping up with recent UD presidents but the place has obviously grown tremendously and prospered. Newark was still pretty much a hick town when I was there. Trabant was president then and Tubby Raymond was refining the famous Wing T Offense for the Hens. Good times, and it's good to see recent alumni have that same school spirit we had back then.
And it's going to get even worse as every country on the planet exports their deflation to us. Europe is being Japanified as we speak. Chinese exports are going to eat shit in Europe. U.S. exports are going to eat shit everywhere. Get to work raising those rates Mr.Yellen.
Europe’s Business Integration With China Growing Fast
dollar index just got 97 from 95... here we go...
As the big energy corps increase their holdings more energy sector contraction will continue e.g. Standard Oil
ExxonMobil Boosts Drilling Rights in Russia Giving It More Holdings There Than in U.S.
Russia’s Lukoil Aquires 18 Fuel Stations in Netherlands From Auto Maas
Yet further confirmation that the next NWO will be led by the East after the West goes nova and self-destructs in a fit of militarism.
Should be interesting, to say the least.
Capitist abundance and leisure .... even when the Socialists .... have been trying to destroy it .... for 100 years ! lol
Imagine .... how wildly successful .... Capitalism would be .... if we promoted it .... defended it .... perfected it ?
If I was 22 now.
I would not be married. Would not have already bought my first house. Would not have 7 years of real work experience. With real records to back it up.
I would sign up for free college money. Get on campus housing. Go to class. Plan on getting a Masters. And hunt for plenty of strange. And ride it out, party hardy until it crashes.
My kid is turning 4 this year. I am going to buy him a pack of rubbers and a bong.
dont forget the skateboard
Mine turns 30 this year.
He got his degree on a National Guard stint. He did get deployed, and it was scary shit. He is our only child.
He managed to get a GS job, and the pay and bennies are crazy. We have discussed his possible switching to the private sector, and then look at each other and laugh! At 30, he's got 13 years in. His service counts.
When I bust on .gov, I know what I'm talking about.
If it makes me a hypocrite, it is what it is.
Government compensation .... and largess .... our best guarded secrets !
Save your money. They hand that shit out in school now.
why not a vape? better for long term health.
99 Million!
I guess that explains those nicely dressed women panhandling outside Neimen Marcus.
I think if you look at proportions of unemployed people in the 30's vs. today, the unemployment % would be the same as the Great Depression!!
Well apple just topped. They are going to replace AT&T in the DOW.
Are they still referred to as "The Industrials" ?
They're called "The Intrails" (sic) now because their market valuations are full of shit.
And ain't it about time? GYMON, I'd say ...
"Big Oil" employment takes off in Russia.
"Americans see record unemployment"
The top chart looks like my balance sheet over 45 years. I wasn't the 1% and lived beyone my means refinancing the party every few years.
AND yet real money continues to go down.
Yep, the printers have the game.
While I understand the graphs Tyler, you better be on guard of being sucked into BLS's longterm strategy of, over time, making its unemployment shell game so intricately inexplicable that people start to try to understand it as if it wasn't just a stupid bureaucratic outright lie trick. If this was a parody on your part, never mind: " . . . the reason is that while the number of unemployed Americans dropped by 274K thousand while those employed rose by 96K, the underlying math is that the civilian labor force dropped from 157,180 to 157,002 (following the major revisions posted last month), while the people not in the labor force rose by 354,000 in February, rising to a record 92,898,000 (people who currently want a job rose to 6,538K) matching the all time high number of Americans not in the labor force."
Things may be worse:
Did you know that there are nearly 102 million working age Americans that do not have a job right now? And 20 percent of all families in the United States do not have a single member that is employed. So how in the world can the government claim that the unemployment rate has “dropped” to '6.3 percent'
Working is so "last century " ?
I should be out right now, but I'm snowed in, and the tasks to be completed don't justfy the 65 mile stint.
Juice ain't worth the squeeze , so to speak.
Things ARE worse, as your data and Tyler's chart both confirm. The unemployment rate is simply the no. of unemployed divided by the sum of the no of unemployed + the no. of employed. Mathematically, you can get the UR to drop either because the no. of employed is rising (bigger denominator smaller UR), or because the no. of unemployeds is dropping. The no. of unemployeds appears in both the numerator and denominator but its relative weight is less in the denominator; so if you can get the no. of unemployeds down (and they're a comparatively small share of the labor force), the unemployment rate will go down also.
Normally a drop in the no. of unemployeds goes along w/an increase in the no. of employeds. That is, formerlly unemployed people are finding work and the UR drops. That's a normal recovery (and it's also why UR lags other statistics).
The other alternative is to reduce the no. of unemployeds by simply not counting them. The old rule was that after 4 weeks of failing to look for work, such a person is "disappeared" from the labor force by no longer being counted as unemployed (i.e., wants to work and is actively looking for work). This is how one reconciles the dropping unemployment rate AND the dropping labor force participation rate, and it's how you know the B(L)S data are being "massaged" to paint a rosier picture than is justified.
Because when you "time out" on unemployment compensation you officially are no longer counted as unemployed. It's a bureaucratic, government way of counting. Kinda works politically too doesn't it? I think the Pres had an announcement.
I say again: "Maffs is hard, 'specially frakshuns!"
Think ahead one, two, three, seven generations. What will the world look like when machines do almost all of the work? It's easy to imagine a dark and evil outcome, but who among us can imagine something good about this? Machines increase productivity, which creates wealth, save labor, etc. I refuse to succumb to the notion that everyone will become a freeloading zombie or we will have a war to destroy population. It may play out that way, but why just accept it? Fight for a better world, arts, music, human interaction, space exploration, scientific discovery. Never ever give up. Stop blaming and start creating the world of your best vision. It won't come from a glorious leader, it starts with you, ZHer.
Of all the things we need to get Licencsed for. Get educated to do. Have regulations to protect against. Be taught. Have experience.
Why is not " breeding" in that list?
We are living the documentary " Idiocracy "
"Why is not ' breeding' in that list?
"Female slaves provided a way for slave owners to breed more slaves-- for the children of a slave became the property of the master (Joshel, 1992). This practice of breeding new slaves can be seen in the writing of Columella, who comments on his practice of rewarding fertile slaves: "To women, too, who are unusually prolific, and who ought to be rewarded for the bearing of a certain number of offspring, I have granted exemption from work and sometimes even freedom after they have reared many children." (Col. 1.8.19). According to the studies performed by Madden, however, the technique of slave breeding did not seem to propagate the slave population, for many women of child bearing age were freed so that the master might marry them...(Madden, 1996). While there may have been certain rewards for the slave's fertility, it cannot be forgotten that the body of the slave did not belong to the slave but to the master (Fantham et al., 1994). To this effect, slaves also accommodated their master's sexual desires, in addition to producing new slaves and, possibly, being prostituted by the master (Fantham et al., 1994)." --Commentary for Plautus' Aulularia by M. Donatelli
This is a sort of weird description of the Democratic party.
Yeah, just more fat asses roaming the globe.
By nature, I'm an optimist. By life experience, I'm a cynic and pragmatist. I want to believe that the future is rosy, but I know it'll just be a different kind of fucked up. The cultures won't really change. They'll adapt just like they always do, but the underlying ideals remain the same. For instance, is Africa (including the ME and most of SW and Central Asia) any less tribal now than it was 200 years ago? A thousand years ago? If everyone were issued a robot at birth that could do any sort of manual labor, Africans would use them to wage tribal/religious wars. Asians and Europeans would put the robots to work doing something productive. It's not racist, it's cultural.
True I wouldn't worry about technology reducing jobs, people worried about that all the back to the invention of the fishing net. Doing less work for the same or higher productivity level is a good thing and produces more wealth. When the Jetsons was written George was working one day a week a few hours that day as a button pusher and his wife didn't work and they had kids a dog and a maid. I guess the Jetson's writers envisioned the shrinking of government and not the expansion that we have watched happen.
The thing I worry about is not the technology of the future. It is the way we finance our country, or more accuratly who controls the creation of money and who gets to buy all the assets in the country. This system is leaving the natural born americans sitting with nothing and no opportunity while they are slowly being genocided for political expediancy.
We need to bring more illegals in to restore some vitality into our eCONomy. More H1B Visa holders too. Oh, we also have to ramp up the offshoring of jobs overseas.
Let's just get on with the, ahem, "rate hike" so the pantsless emperor can be viewed by everyone.
No one wants to be 'drug tested'. The 'scam' of the 'drug test industry'. It's fine and well to drink alcohol all night and show up for work still half in the bag and pop a few hillbilly heroin pills to make it through the work day, but smoke a bit of marijuana and you are out. It's all upside down.
With all the swinging dicks around here .... can't someone .... come up with a good Becky Quick anecdote .... I've got a crush on her ?
your avatar suggests otherwise
I'll rake your lawn and you can rake mine, then we'll be RICH! - See, being an economist isn't THAT hard....
Gold's dropping like a rock. But please, no suicides. After all, we've still got to man Vlad's watch.
Perhaps the population of this country has joined me, by abstaining working for the out of whack government. I'm not the popular leader of the intentionally unemployed, but I'm part of it...my intentional unemployment is a statement against the same old crap, rigged elections, crony government personalities, and New World Order agendas up the wazoo.
You can & have labeled me or the other 1/3 unemployed as 'apathetic', but that really doesn't quite cover it when you look at that BLS chart in the article. The whole of 'the system' is rigged, and along the way the population has rightly determined, that if they are going to work for nothing, they may as well stay at home.
Those in government leadership roles, (and we know who they are, and what they stand for) insist on the 'new normal'. They ram it down our throats daily, there is nothing, absolutely nothing democratic about it.
These 'neo-cons' have created this 'new normal' (regardless their political party affiliation) and that BLS chart is an statistic of how angry 1/3 of the country is about it.
Don't consider the 92 Million unemployed as apathetic, lazy, or whatever... rather consider them 92 Million angry.
wwxx
They might be angry. And while it's not very " humanitarian " of me, a considerable number of them are fucking useless.
Maybe we can convince them to storm the gates, in the first and second waves.
I wonder, how did the Chinese manage to get the human swarms moving towards the gunfire, sucking up bullets? I've read the Russians did it with troops in the rear, making sure you were dead if you did not move forward.
I think this new crowd is going to need to be tricked. Tell them they are getting platinum EBT cards or a Gold Apple Watch with Obama's face on the dial. "Your taking a shower "probably won't work.
Utter BS. You are living off free benefits from the entity you are protesting, again utter bs. Most like you are lazy leeches that enjoy the cushion the state provides for not trying. They arent lifestyle martyrs. To propose you are a part of a collective that has an agenda other than t.v. watching, then you have been self deluding for some time.
"Utter BS. You are living off free benefits from the entity you are protesting, again utter bs."
But somehow it is not BS for the government to live off free benefits from the public entity? Yeah the government even created their own fiat money & special laws to surpass what little the public entity provides in the form of taxes. Typically labeled 'The Circus'. You can't have your career politicians as they are now, completely for sale to the anyone, ANYONE with the money, unless you admit they are 'living off free benefits'. How else do you explain $18T in the hole annually?
So according to Mike, is it OK for the Grassley's, the Pelosi's, the McCain's and the whole host of career (20 yrs) government types that take their job seriously "to live off of free benefits"???
I say 'free benefits' because they accept them all the time, it is routine, it is by some funny definition a gift, a freebie, a bribe, whatever...and those 'free benefits' cost somebody, something, way over and above whatever Congressional salary + benefits has mandated. Of which, I too called BS on the government and their bribed politicians long ago, but they do it daily, for years and years, they call it a career, and too be sure they work for it. Hey, somebody has to vote for the bridge to nowhere.
If you think $18T in the hole annually is the fault of those that use the EBT card, you would be wrong by about $18T dollars.
Further delusion abounds,,,where is my royalty check as being an land owner, business owner, once participating citizen of this country from every dirt, gravel, liquid, mineral, salt, oil, water, wood, fish, and other natural resources, where is mine & your part of that natural resourse? I'm sorry to say, but that royalty check was stolen by the powers that be, a long time ago, given away, to themselves & their friends, after all no good free benefit comes without friends. Oh yes they did steal mine & your part of the resourse, the politicians & the laws they wrote to make it so...or haven't you heard?
And where is that booty from wrecking a country or many countries actually, oh that's right only thru a lie, does the government claim 'we took no booty when we invaded yet another country today'. The worlds most terrible invaders and we are to somehow believe a claim like that, while the pallets of dollars roll out the back of a big ass transport jet, at a distant land...or haven't you heard? But if Saddam, sets those resourse pumpers on fire, we instantly go to war, and the American public is told this is routine.
wwxx
I wish there was a job posting for "Politician Hanger"......
If it were a government position, the job wouldn't get done.
hah good one
per pelosi people can now spend the time doing things more worthwhile than having to worry about puting food on the table and a roof over their head. you know higher level pursuits like underwater basking weaving or pop art.
When my business goes under I'm going into feces art. I dabbled a bit when I was a sprout but with all these liberals around I bet it's the next big thing!
Hey who wants to throw a Job Report party?!?! yeah! http://prestonclive.whotrades.com/blog/43949406913
What I want to know is how many of those jobs went to immigrants?
63,000 jobs in California.
All I know is that there were 600 openings at Golden Queen mining...
http://www.usnews.com/debate-club/is-obama-right-to-grant-young-illegal-...
"The private sectors with the largest improvements in job gains for 2014, compared with the original estimates for growth, were leisure and hospitality, up 58,000 jobs; vehicle repairs, personal services, laundry services and other miscellaneous services, up 31,400; health care, up 27,400; and manufacturing, up 17,400." http://www.marinij.com/general-news/20150306/california-job-boom-stronge...
Again, how many jobs were "Created" when Obammy granted work permits to illegals and gave them drivers' licenses?