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93 Million Americans Remain Out Of The Labor Force Despite Nearly 400K Work Pool Increase
The reason why despite the better than expected increase in jobs the US unemployment rate rose from 5.4% to 5.5% even as the number of Unemployed workers rose by 125K to 8,674MM was due to the 397K influx into the civilian labor force which rose to 157.459MM, a new record high in the series, which on the surface would suggest declining slack as more people who have been traditionally left out of the employment calculation go back into the labor pool.
Which aslo meant that since the total US civilian non-institutional population rose by half this number, the number of Americans not in the labor force declined by 208K to just about 93 million.
And, as a result, the biggest malady affecting the US economy today, is still in place: as the chart below shows, the labor force participation rate rose just barely from 62.8% to 62.9%, a range it has been for the past year. Indicatively, the last time the US labor force was here, was in mid-1978.
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See, trickle down does work. We have 93 million people that have so much money they don't need to work.
</sarc>
its as though millions of voices cried out and said "USD/JPY!!!!!"
93 MILLION
WOW
Layoff List: http://www.dailyjobcuts.com
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Working is for chumps
Plus a whole bunch of illegal folks on the dole as well.
We don't need no stinkin' jobs, that's what illegals and robots are for.
Actually 45m have so much they don't need to work. The other 45m are on food stamps and don't need to work because Oh Bummer is looking after them.
Clearly we need more welfare programs to help people who dont work
Trickle Down? More like Trickle On.
Tougher to find a good job, even with skills.
Corporations have H1Bs and overseas outsourcing options.
"Entertainment giant Walt Disney has laid off about 250 employees and replaced them with Indians holding H1-B visas, raising new questions on how outsourcing companies are using the temporary visas to bring immigrants into technology jobs in the U.S., according to a media report."
http://www.thehindu.com/business/250-laidoff-at-disney-replaced-with-ind...
And, yet the mindless noobs continue to trek to DisneyWorld year round.
Almost reminds one of all the muzzies that make pilgrimage to Mecca every year.
If you visit cubicle land in some of the (West Coast) hi tech companies, you'll feel like YOU are the minority. An unprotected minority, mind you, unless you're part of the politically protected species. "WM's need not apply", seems the subtext.
F.U.
Correlates perfectly with population growth ...
Well 1978 was awesome, so I guess we are back to awesome. Now, where's my Matchbox cars and Army men?
I just cannot believe how these "good" numbers were subpar just a couple of years ago. IIRC, wasn't the jobs over-under like 330k per month?
pods
Maybe the robots are paying for my education eh?
Between higher bond yields and the stronger dollar q-2 earnings are going to be FUBAR.
Get ready for the currency wars to go full retard.
Considering that we are almost back to 2007 levels of number of people employed, and with 93 million now "retired", the only conclusion we can draw is that we imported 15 million workers to fill full time jobs in the past 8 years.
I'm calling bullshit on these numbers.
"Featherbedders."
Bunch of third world clowns enslaving everyone to live the life you were accustomed to.
On the good side "still have to pay those taxes"...unless you're a Jew or the Clintons of course because as that famous pollack whore of Hymie Town famously said (before giving all her money to her dog) "only poor people pay taxes."
Stick that in Government Pipe and smoke it bitch.
Get all the education you want and the debt that come along with it, but your still competeing against H1Bs willing to work for less and have no student loans.
Corporations will put out fake job adds to somewhat satisfy the laws, then sponsor overseas candidates. In the meantime corporations raise pricces while lowering labor costs.
I know this will be a surprise to most here at ZH but:
Stiglitz: Fed’s Zero-Rate Policy Boosts Inequalityhttp://blogs.wsj.com/economics/2015/06/04/the-feds-zero-rate-policy-boos...
"“Contrary to the presumption in the nineteenth century, where lower interest rates favored debtors over creditors and thus increased equality, we show that…lower interest rates may actually increase inequality,” Mr. Stiglitz, a long-time inequality scholar, argues in the fourth of a four-part working paper series published by the National Bureau of Economic Research.
That’s because rich individuals tend to hold much of their wealth in a stock market that benefits disproportionately from such policies, which included purchases of government and mortgage bonds, a program known as quantitative easing or QE.
“A lowering of the interest rate helps owners of equity and hurts those who hold government debt. This model seems to be a better description of the modern economy, and in this model, lowering interest rates unambiguously contributes to growing inequality,” he concludes."
Silver at 16, time to buy I think.
All 'new workforce' Sonic roller skating carhops. New 'Murka.
I grew up in the midwest...mixed rural and small-to-medium sized towns....and I go back periodically to visit family. Pretty good work ethic in the area...(although there are always a few idiots who think they are above working). Job situation is HORRIBLE..... A handful of farmers now farm the whole county, because a small farm no longer supports a family. No manufacturing jobs because the US doesn't 'make' anything much anymore. People get by as best they can. Anyone even close to 60 has had to take early Social Security just to make ends meet. Manual labor jobs are not even plentiful.....(and NO Mexican immigrants have not taken all of those jobs).....and job postings in the local paper get 4-5 applicants for every available job. Not a pretty picture.
I feel their pain. I'm having a tough time selling my Mercedes S63. It appears there are a glut of these babies. I want a new Ferrari, but that dealership wont accept my car as a trade in. My other big problem is I cant find suitable helicopter flights out to the Hamptons. The ones that are available are too slow and look like dogshit.
So next fall Yellen wheels out .01 rate rise and throws massive 'Mission Accomplished' party? Probly I guess.
Yup you got it. The goal is to extend this ponzi as long as possible not shake things up. .01 and things are looking up, maybe next couple years we'll raise to .02 and stock market goes up and up all this while they do QE in the background without telling anyone. The average joe keeps going to work, lives on beans and rice but is happy cuz they have a six pack and a football game on saturday...this shit can go on a looooong time.
1 ft job = 2 pt jobs nets 1 new job.
Common core job creation.
The current situation is not that good, nevertheless, it is a bit dubious to compare the current values from those of 1978. The population has changed between those periods. In particular more people are retired and women intervention may also have chnaged. Comparison on such long period of the raw number is not really clear. The rate has diminshed clearly before the current crisis with a peak in 2000.
" GO SHOPPING "
How many millions of illegal, pardon, undocumented workers are not being accounted for and on the dole? Think we broke the 100 mark.
They cannot be counted since many are sitting around in the ER of local hospitals.
Will everyone PLEASE STOP COMMENTING and get BACK TO WORK... So many people depend on you!
If all else fails, you can always pay half of the poor people to kill the other half.
We're not out of the labor force, just out of the payroll force...
You don't see us starving in the streets, do you? Don't kid yourselves...despite the very visible FSA, those of us making it through this shit without 'official' incomes are doing whatever we need to do to get by. And we aren't 'sucking' off the taxpayers either...Of course, we also aren't paying taxes, but don't look a gift horse in the mouth...Considering the likelihood of our 'fearless leaders' EVER encouraging an economy that really creates jobs, it's better to just leave it alone, you know what I mean?
Just let it go...Count your blessings...
And how do they count under-employed?