People Not In Labor Force Soar By 663,000 To 90 Million, Labor Force Participation Rate At 1979 Levels..
Things just keep getting worse for the American worker, and by implication US economy, where as we have shown many times before, it pays just as well to sit back and collect disability and various welfare and entitlement checks, than to work .The best manifestation of this: the number of people not in the labor force which in March soared by a massive 663,000 to a record 90 million Americans who are no longer even looking for work. This was the biggest monthly increase in people dropping out of the labor force since January 2012, when the BLS did its census recast of the labor numbers. And even worse, the labor force participation rate plunged from an already abysmal 63.5% to 63.3% – the lowest since 1979! But at least it helped with the now painfully grotesque propaganda that the US unemployment rate is “improving.”
The social safety net, has turned into a 3 bedroom apartment..
Americans could be waiting another five years for a return to normal employment based on the sluggish pace of the U.S. economy. After nearly four years in office, President Obama has overseen the worst recovery since the 1960s.
This week’s chart comes on the heels of Friday’s employment report, which showed an uptick in the unemployment rate to 7.9 percent.
MORE . . .
- Chart of the Week: Slowest Economic Recovery Since the 1960s (heritage.org)
- Obama’s Imperial Presidency Is Killing Recovery (realclearpolitics.com)