Americans Not In The Labor Force Soar To Record 93.2 Million As Participation Rate Drops To February 1978 Levels

Tyler Durden's picture




 

So much for yet another "above consensus" recovery, and what's worse it is, well, about to get even worse, because while the Fed keeps baning some illusory drum that slack in the economy is almost non-existent, the reality is that in March the number of people who dropped out of the labor force rose by yet another 277K, up 2.1 million in the past year, and has reached a record 93.175 million.

Indicatively, this means that the labor force participation rate dropped once more, from 62.8% to 62.7%, a level seen back in February 1978, even as the BLS reported that the entire labor force actually declined for the second consecutive month, down almost 100K in March to 156,906.

 

Why is this important? Because as long as the true employment rate, that of the civilian employment to total population, remains at depression levels, there will be no incrases in average hourly earnings.

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Fri, 04/03/2015 - 09:02 | 5955361 JPMorgan
JPMorgan's picture

Working is overated.

Fri, 04/03/2015 - 09:04 | 5955365 GetZeeGold
GetZeeGold's picture

 

 

I was alive in 1978.....it sucked.

 

Now I get to do it again.....lucky me.

Fri, 04/03/2015 - 09:06 | 5955371 Shocker
Shocker's picture

Again, every month the number just seem to go up and up.

Can't call this a recovery

http://www.dailyjobcuts.com

,

 

Fri, 04/03/2015 - 09:07 | 5955380 Macchendra
Macchendra's picture

Winning the war on "unemployment". (By waging a war of attrition, lol.)

Fri, 04/03/2015 - 09:23 | 5955454 MalteseFalcon
MalteseFalcon's picture

What is this?

Unemployment rate is way down since 2010.

Oh, yes it is.

Just look @ the #!!

Get a job!!

Fri, 04/03/2015 - 09:23 | 5955456 Handful of Dust
Handful of Dust's picture

Work makes my head hurt.

Fri, 04/03/2015 - 09:44 | 5955547 Creepy A. Cracker
Creepy A. Cracker's picture

Fewer jobs and more free time for everyone!  Thanks Dear Leader Obama!!!

Fri, 04/03/2015 - 09:52 | 5955578 new game
new game's picture

beaners galore, will work for less than skillset value BECAUSE we are moar numerous than jobs available due to the corporation outsourcing manufacturing to lowest common labor cost and mexico is way worse...

Fri, 04/03/2015 - 10:24 | 5955675 Publicus
Publicus's picture

Stay home moms are coming back!

Fri, 04/03/2015 - 10:45 | 5955754 Dr. Richard Head
Dr. Richard Head's picture

Talked to a hedge fund manager on a gondola ride up to the peak of Killington.  He said the number of people not employed,as a direct result of Fed funny money, is "Absolutely great!!!"  I shit you not.  Those guys have no soul. 

Fri, 04/03/2015 - 11:02 | 5955818 whotookmyalias
whotookmyalias's picture

Back to the Carter years. This will turn out well.

Fri, 04/03/2015 - 11:22 | 5955914 rbg81
rbg81's picture

Carter must be estatic because Obama is making hiim look like a fucking genius.    The only thing that worries me is eventually we'll get a President who makes Obama look good. Shudder.

Fri, 04/03/2015 - 11:29 | 5955937 pods
pods's picture

We will, and a lot sooner than we all hope.  Wait till we get to the guy who actually says that SS and Medicare cannot possibly pay out the $120 trillion in future benefits.

pods

Fri, 04/03/2015 - 12:14 | 5956067 jbvtme
jbvtme's picture

1978...i was driving at 10:30 pm in podunk massachusetts on the way to the cape.  case of heinekin in the back seat freshly cracked.  ounce of bud in the glovey and a gram of coke over the visor.  we show a local cop car our tail lights at 30 over and soon we're at the side of the road in the confessional booth. license and reg he says with eyes and flashlights all around.  he sees the dope, beer but not the gram above.  "know how fast you were going"?   several contrite phrases later he hands me my papers and sends me on my way. "slow down and drive careful" he says.  not even a written warning.  i have to change my shorts every time i tell that story.  if it was now,  i'd be servicing a dozen prison gang members at the local for profit house of correction.  if i was lucky...

Fri, 04/03/2015 - 12:32 | 5956140 Temporalist
Temporalist's picture

Not necessarily.  Today they'll just beat you and take all your shit and may let you go...but definitely take all your shit and money.

Fri, 04/03/2015 - 14:21 | 5956528 Four chan
Four chan's picture

prison nation with militarized police.

Fri, 04/03/2015 - 14:52 | 5956654 847328_3527
847328_3527's picture

We unemployed some folks.

Fri, 04/03/2015 - 14:59 | 5956671 bob_stl
bob_stl's picture

So I guess this isn't because we're doing so well that mother's can again stay at home...

Fri, 04/03/2015 - 12:12 | 5956069 Alien 851
Alien 851's picture

"Idiocracy" is now reality...Look for President Camacho in 2020 to bring your worries to fruition....

Fri, 04/03/2015 - 13:04 | 5956217 cherry picker
cherry picker's picture

Hitlery is coming to the rescue.

She will make the golfer in chief look like an Abe Lincoln.

Glad I don't live there. :)

Fri, 04/03/2015 - 12:31 | 5956135 NoVa
NoVa's picture

Since Carter TM 

 

NoVa

Fri, 04/03/2015 - 12:55 | 5956183 Temporalist
Temporalist's picture

We unparticipated some laborers.

Fri, 04/03/2015 - 12:45 | 5956166 chunga
chunga's picture

The QE effect on main street seems to have made regular people with decent jobs obsolete.

In hedge fund manager parlance that's probably called something catchy like "synergy".

 

Fri, 04/03/2015 - 15:32 | 5956752 Nobody For President
Nobody For President's picture

On the other hand, Dick head, at the risk of lla bunch ofd down arrows, what the fuck were you doing on "a gondola ride up to the peak of Killiington"?

When I was in college, the rich kids all went off to ski on the breaks in winter - I stayed and worked. Killington, last time I looked, Killington was a ski resort:

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF...

Although lift ticket prices are still reasonable, albiet for a east coat 'mountain' that is a hill on the west coast.

So fuck you so feeling so superior to the hedge fund manger - you are fucking priveliged enough  to go skiing, which is a very up-scale entertainment. 

Next post, put down the rednecks that ride snowmobiles. 

Anybody can lack souls... 

 

Fri, 04/03/2015 - 10:49 | 5955764 realmoney2015
realmoney2015's picture

That's exactly right. That makes these numbers even worse. Women weren't in the work force like they are today. 

On a realted note, this is why they pushed so hard for women's rights. They wanted them in the work force to hide the inflation theft by the Fed. One man, who wasn't college educated, could provide for his family and still save up for retiremnet. Now college educted couples work themselves to the grave....or, of course, they just soak up the welfare and steal from our future generations. 

Instead of leaving our children and grand children with debt, we should leave them with wealth. Real estate and precious metals are a great way to ensure the wealth is preserved. Personally, I am giving these candles with silver coins as gifts for Easter: https://www.etsy.com/shop/ScentSavers

 

Fri, 04/03/2015 - 13:27 | 5956301 doctor10
doctor10's picture

The process is called "asset-stripping"

In Europe and the USA it works as follows

Income taxation and the IRS reporting requirements provide the road map; targeted tax increases and regulation provide the mechanisms of extraction. 

When vote time comes the immigrations gates are opened to drown the native opposition to being raped yet again

Rinse Repeat

 

The guys enabling it all make out pretty good

 

Fri, 04/03/2015 - 12:48 | 5956172 booboo
booboo's picture

Mom (or Dad) needs to stay home and raise her brood instead of outsourcing. The whole working mom meme was spawned by the bankers to compensate for inflation and the proles bought it hook line and sinker and even defended their own prolonged ass fucking. America fuck yea!

Fri, 04/03/2015 - 10:43 | 5955742 foodstampbarry
foodstampbarry's picture

More free time living in moms basement, jerking off to internet porn and eating stale cheetos underneath couch cushions. Hope and change bitchez!

Fri, 04/03/2015 - 11:15 | 5955871 813kml
813kml's picture

Mom's basement, aka the bitcoin salt mines.

Fri, 04/03/2015 - 12:44 | 5956161 Miffed Microbio...
Miffed Microbiologist's picture

I think moms basement will eventually morph into a cosy encampment under a freeway ramp.

Miffed

Fri, 04/03/2015 - 12:46 | 5956169 813kml
813kml's picture

As long as the overpass has wifi today's youth will be good to go.

Fri, 04/03/2015 - 15:03 | 5956686 Miffed Microbio...
Miffed Microbiologist's picture

I think you may have stumbled on the key to the revolution's unfolding.

Miffed

Sat, 04/04/2015 - 10:51 | 5958533 PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

.."If you like your underpass"....

I imagine that was a lie as well.

 

Fri, 04/03/2015 - 21:24 | 5957782 readmylips
readmylips's picture

works makes me not get tha free money.

[rolls over and goes back to sleep]

Fri, 04/03/2015 - 16:21 | 5956897 analyzer_66
analyzer_66's picture

you can have your job and keep it too,. its the "living wage" part that most modern jobs cant supply

Fri, 04/03/2015 - 10:48 | 5955761 de3de8
de3de8's picture

This is why they can't mandate a digital currency as many of these people part of the underground cash economy.

Fri, 04/03/2015 - 11:50 | 5955990 TheGreatRecovery
TheGreatRecovery's picture

May we call it "the GREAT recovery"?  :^)

Fri, 04/03/2015 - 13:21 | 5956280 Son of Loki
Son of Loki's picture

No you may not. It's labelled, "The Robust Rekovery" according to Barry.

Fri, 04/03/2015 - 09:14 | 5955410 Mitch Comestein
Mitch Comestein's picture

ME TOO!  MY PARENTS PAID FOR EVERYTHING.  IT WAS GREAT!

Fri, 04/03/2015 - 09:18 | 5955431 thinkmoretalkless
thinkmoretalkless's picture

Those days are back! At least they are not living in the basement.......yet

Fri, 04/03/2015 - 09:21 | 5955435 GetZeeGold
GetZeeGold's picture

 

 

I remember buying silver back then....my parents looked at me like I was crazy.

 

I was like.....just two more years.....you'll see. Then we dump it and run like hell.

Fri, 04/03/2015 - 09:21 | 5955446 NoVa
NoVa's picture

listening to one of the most under-rated rock bands = Be Bop Deluxe

Bill Nelson is one of the greatest guitar player singer songwriters EVA

 

Fri, 04/03/2015 - 09:27 | 5955477 headhunt
headhunt's picture

Way ahead of me, I was working two jobs so i could afford to help my parents AND party.

Fri, 04/03/2015 - 09:17 | 5955426 grunk
grunk's picture

Does this mean disco makes a comeback?

Fri, 04/03/2015 - 09:36 | 5955508 PirateOfBaltimore
Fri, 04/03/2015 - 14:31 | 5956572 Buckaroo Banzai
Buckaroo Banzai's picture

Disco is fucking awesome compared to popular "music" today. Can you imagine exposing somebody from 1977 to the autotuned shit-sandwich that passes for music today? You would get punched in the face.

Fri, 04/03/2015 - 22:15 | 5957854 Milestones
Milestones's picture

Better!! Go back to 57 and dig Parker, Miles, Getz, Coltrane,, amhad Jamal Basie Kenton, Ella Sarah, Sinatra. Only thing I heard inthe last 20 is Quincy doing was "Juke Joint"           Milestones

Fri, 04/03/2015 - 09:20 | 5955440 Captain Willard
Captain Willard's picture

The BeeGees "Stayin' Alive" was the #1 song ....... so yeah, that part sucked.

We had cheap, stinky weed and expensive gas. But at least we were young. And we were in the fucking labor force too, I might add.

 

Fri, 04/03/2015 - 09:23 | 5955455 FreeShitter
FreeShitter's picture

And the women were thin, feminine, and tattooless.

Fri, 04/03/2015 - 09:39 | 5955523 Janice
Janice's picture

And the men were strong from all the manual labor. The cars were fast.

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