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Labor Force Participation Rate Drops To 63.9%, Lowest Since January 1984
While we still await for BLS.gov to finally come back up online half an hour after printing the actual NFP number, here is the one data point that we know for a fact: the labor force participation rate, and the reason why the general unemployment rate declined to 9.1%, just dropped to 63.9%, the lowest in 16 years, or matches the participation rate from January 1984.
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Well I want to see the taxpayer participation rate.
Why, that's 100% or die.*
*Excludes .gov officials
Also excludes big oil. Ironic that your avatar is Esso.
The number is meaningless.
It will be revised DOWN big-time next month.
Exxon actually pays one of the highest tax rates in the SP 500. You can look it up.
GE is another story......... :)
FWIW, it goes back to an old screen name from years ago that everybody abbreviated as S.O. My disdain for energy companies makes the irony even sweeter, PDT.
thanks for setting me straight on Exxon, dudes. Still, I have some suspicions :)
The goog says $21.6B in taxes 2010 from XOM, can't find a number (lazy) in subsidies paid to them (approximately 25% of all .gov subsidies go to oil and gas).
Ha! Look at that. Turbo Tax Tungsten Timmy junked me!
Would I count as negative one in that regard since I don't withhold any Federal Income tax from my check and file for every goddamned extension that is possible? How about me drawing out payments for any money "owed" to these fucks at $40 a month when they finally send me the bill? I'm still Dick Trickling in 2009's payments as we speak.
I will drag my feet slowly as it relates to tax payer particiaption. If Timmah can do it, so can Dr. Dick Head. Extend and pretend - it's the Amerikan way.
Especially with regards to Federal Income Tax. People tend to think of all taxes being created equal and that is simply not the case. For those of us W-4'ers, fewer every day, the "Correct Federal Income Tax" withheld from our pay should always be zero. This tax is a direct consequence of the FED's existence and activity and is wholly intended to keep working people from forming enough capital to breath life into an entrepreneurial livelihood. The federal income tax on working people must be understood more widely as the freedom/wealth destroying tool it was always intended to be.
Are there any resources for how to do this safely? I'd like to try it out.
~50%
But you can still vote other people's tax money to yourself, even if you don't have any skin in the game.
Isn't democracy great?
Green poots. Perhaps some intervention to weaken the $ versus CNY/RMB may help our manufacturing job losses (a la PTJ's claim)?
26, not 16 years.
The unbearable lightness of employment
OR
The unbelievable stupidity of building an economic growth model based on outsourcing.
Thank you, 1980s.
So, so true. You cannot have the levels of growth and prosperity that we used to have in this country without a middle class. Much as they keep trying to engineer some "financial fix" while at the same time spouting that "the middle class needs to become more skilled", the market keeps slamming them back down again.
Do you really need a middle class to create wealth when you can electronically print it instead?
I'm speaking about REAL wealth, not the monopoly kind that the market has become so addicted to.
I know, I know, I meant to use the <sarcasm> tags...
I voted for Perot, just to watch the drama unfold. The show would have been worth it.
Kundera references will not get you green Mr Emptor. Reading is not an activity most Americans enjoy as is clearly demonstrated in the Borders shut downs.
Outsourcing to humans is so yesterday...
Great (simple) point we should all remember CE... the blind greed at the top (starting with Reagan's first term) killed the goose that laid the golden eggs... now they want the peasants to pay the bills!
Do they teach Aesop at MIT or Harvard?
It's an easy way to cut the unemployment rate - stop counting the unemployed.
Bingo. You've got a future in the Obama administration my boy. Just like deficit spending adds to GDP. Setting the labor participation rate lower reduces unemployment.
It would be awesome to do a multi-axis with labor participation and M3.
U-6 should appear as well.
That chart would truly encapsulate the reality behind the cause and effect of the decimation of the middle and poor class.
Zero by corporations is all you need to know...
The real growth is in the unreported numbers of craigslist/ebay flippers of broken shit, scavengers, parts car sellers, dope pushers, metal scrappers, gas siphoners etc.... those industries are going gangbusters.
http://fortmyers.craigslist.org/zip/
http://phoenix.craigslist.org/zip/
Yes, welcome to the real growth economy. The de-industrialising scavenger one. You've seen it in documentaries on the developing world before. Now see it in a neighbourhood you live in.
Salvage is the TRUE growth occupation.
Within a few years, the American landfills will become the single largest source of mining activity.
This really should be the only chart you need to see. Talk about Base Jumping! And with Robots replacing human slaves in China the future does not look bright for the US worker.
Ah, the '80s. What a time in America. Crappy cars, no jobs, lousy metal garage band music...but the hair...the big hair.
Give me a job not later revised away [how sweet would it be to be on the right side of the particiapation rate?]...and big hair on all the chicks.
The "Service Economy", The "New Paradigm", Outsourcing eveything to China, Shop till ya drop.
Reagan/Tatcherism: oustource
In other words: a spiritual and aesthetic vacuum; the beginning of the end. Like hopelessness and despair had a lust child. There is direct link here from: 'lousy metal garage band music...but the hair...the big hair.' To what we have now. Which is Lady Gaga.
"... and big hair on all the chicks."
...and bushes. er second thought, nevermind.
Looks like a nice Neil Diamond Topping Pattern.
To the tune of Cracklin’ Rosie –
Labor force participation
We’re gonna print ‘till there ain’t no more ta go
Toner is low
Ben, don’t’cha know
I’ll have no job by the time he's finished yeah
www.youtube.com/watch?v=YhumCu3fzMI
The probably told the bean counters what the end result was.....they are now trying to figure out exactly what they ahve to show ino order to get the math right. This could take a while.
The new job in Amerika has become one receiving SNAP, Unemployment Insurance, and eating of iPods. One can plainly see that government can create jobs - for JP Morgan. The processing of 45.8 million in food stamps is mother fucking hard work.
But I love those cute little SNAP commercials on the radio. Makes me feel warm and fuzzy and lets me know the government is like a big, friendly buddy always looking out for me.
La madre de todos cabezas y brazos.
El padre de todos los pendejos.
Those pulling the wagon vs.
Those in the wagon.
** Hey, this chart looks like......a rainbow!
***BANIA'S JOKE OF THE DAY***
An out-of-work broker asked a friend who owned a circus for work. His friend said the circus gorilla had recently died, and if the broker wanted to get into the gorilla's skin, swing around, growl, and amuse the children, he could have the job. Things went well until one day the rope the “gorilla” was swinging on snapped and catapulted him into the lions cage. The lion let out a roar, which the “gorilla” answered with a timid yelp. The lion roared louder, and the “gorilla” lost his nerve and started screaming for help. The lion came closer and whispered “Shut up, you damned fool, you're not the only broker out of a job.”
1984 is appropriate in more ways than one.
Tyler, I think you meant the lowest participation rate in 26 years...
Actually, 1984 is a 26-year low
Yeah, I was thinking of commenting on the need to add another 10+ years, but was simply too overwhelmed with my flashbacks from that period - with still another year to go until my MBA was obtained and I could make a second attempt to find a job. Lots of similarities between the early 80's and today regarding employment.
Fortunately, though, we have Mr. "Hope and Change" at the helm - versus the EVIL Reagan. I'm much more confident with the former than the latter, right?
Welcome to Japan. Where are all those guys who were yapping "We're not Japan" on CNBC just 12 months ago???
Using an extremely generous historical average of oh say 65.5%, we're probably in 11% territory.
But but they did not mention that on the idiot channel Tyler, it can't be true. Gonna add more miners either at the close today or next week. This is a gift all.
The insanity continues.
http://www.youtube.com/watch?v=eM-j4iZu9wo
I prefer this one, also from another 1984:
http://www.youtube.com/watch?v=wlq0lYB3iSM
That can't be right because unemployment was 10% in January 1984 and now it is only 9.1%. lol
Deficit will not decrease much as long as participation rate stays low.
The Telepropmter's speech for later today was leaked. Here is the gist of it...
The poor have bad work habits and get low marks for entreprenurial spirit ! Monedas 2011 The "Poor" are not "Sacred Cows" ......they take off their pants one leg at a time and should keep them on more !
I for one disagree. It takes a lot of initiative to find loose bits of building equipment and copper cabling to steal and sell for scrap. How much more entrepreneurial do you want?
Also its pretty disingenuous to blame "the poor" for the predicament that the economy is in. Since all the real screwed up shit in the economy was planned by and signed off on by people in $3500 suits wearing $200 ties.
The planning might have been done, but you're letting the users off and blaming the dealers. Everyone was culpable in this mess.
Alls I'm saying is that when apportioning blame, 90% of it goes to the top 0.1% in the country.
They're the ones who have made off like bandits over the last 5 years, convincing everyone that they really really did deserve all those megabonuses because they really were doing such great jobs as Captains of the Economy.
And as the economy smashes over the next 6 months, they'll still be raking the wealth in for themselves even as food stamp numbers sail past 50M.
you're responding to a poster who spammed this in every comment for months.
population 1984 was 234 million.....labor force 118 million
population today round 330 million...labor force 135 million
many millions of people have disapeared
Good catch!
I was thinking, "Well, the population has gotten older, so more people are retired", but that should have been caught in the participation rate and obviously hasn't been.
Here is what I see on Bloomberg as of 7/29/2011:
US Full employment declined to 111,859 from 111,907 as of 6/30/11
US Employment Population Ratio declined to 58.1 from 58.2 as of 6/30/11
How is it good? Am I missing something?
Labor Farce Participation Rates.
How does the BLS data include people in the labor force.
If one drops out of the unemployment system after X weeks of unemployment benefits, I would think that they would still be at least doing a cursory search for work. They, however, are no longer in the "system", so does the government counts them as being out of labor force at that point? This leaves numerous people who would like to work but can't locate suitable employment out of the government data and out of sight from a statistical standpoint.
This gives a misreading of the true level of unemployment in the country.
me once thought the service sector side of the economy was better insulated from these particular economic woes and slows, though me now thinks because my personal service sectors are off a staggering 30-35 % , this current malaise is turning into decomp very quickly.
The problem is that other than grocery stores, gas stations, and maybe a couple of other examples, most of the service sector is frivilous discretionary crap that people can easily live without. Look at the ads for Groupon or LivingSocial for good examples. I would argue the service sector is more susceptible to economic downturn because when times get tough people can do without designer cupcakes, nail salons, doggie daycare, and so on.
me once thought the service sector side of the economy was better insulated from these particular economic woes and slows, though me now thinks because my personal service sectors are off a staggering 30-35 % , this current malaise is turning into decomp very quickly.
This is getting so Orwellian... even 1984 labor-force is back!
Head and shoulders bitchez
Get ready for more of this,this is what breeds hatred, and race wars............people arm yourselves.
REFUSE to be a victim.
http://www.620wtmj.com/news/local/126825018.html
They just attack the problem from a different angle. If we can't slice off another group and exclude them from unemployment like we've done with others we'll just alter the underlying data like participation rate.
You are watching the ejection of supplus workers from an economy that no longer can support their employment ever again.
My suggestions to those (mainly older workers) is to take your skills and knowledge, your insight into the inner works of the companies that fired you, and create your own businesses to put those suckers out of a job just as soon as you can.
It will indeed be a sweet victory.
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