Posts Tagged ‘Labor Force Participation Rate’

The Not-Working Class

Monday, March 6th, 2017

In a capitalist country like ours, hard work is supposed to be rewarded and slothfulness is considered one of the seven deadly sins.

So what to make of the “quiet catastrophe,” which George Will describes as follows: “After 88 consecutive months of the economic expansion that began in June 2009, a smaller percentage of American males in the prime working years (ages 25 to 54) are working than were working near the end of the Great Depression in 1940, when the unemployment rate was above 14%. If the labor-force participation rate were as high today as it was as recently as 2000, nearly 10 million more Americans would have jobs.”Working

If even half of those 10 million men were working, the economy would be growing at a faster rate, productivity would increase and consumer spending would be higher. So why are they out of work when the economy is allegedly booming and the unemployment rate has fallen to just 4.8%?

Of the 23 affluent countries in the Organization for Economic Co-operation and Development, the United States ranks 22nd, ahead of only last-place Italy, in 25-to-54 year-old male labor-force participation.

Two plausible explanations exist—and neither one is complimentary to the economic policies of former President Obama or his predecessors. (more…)

Another Record Smashed: More Than 100,000,000 Americans Not Working

Friday, October 25th, 2013

The Labor Force Participation Rate has fallen and it can’t get up.

The U.S. Bureau of Labor Statistics (BLS) reported this week that 90,609,000 Americans who are 16 or older are neither working nor looking for work.  Only 63.2% of Americans are working or looking for work.  Anyone who is unemployed who has looked for a job in the past four weeks is counted as participating in the labor force.

LFPRAdd in unemployed Americans who are looking for work and the total exceeds 101 million.  With a total population of about 313,914,040, nearly one American in three is 16 or older and is not working.

The Labor Force Participation Rate peaked at 67.3% in 2000 and it hovered around 66% in 2007 and 2008, when the financial crisis began.  Now, after five years of stimulus spending and quantitative easing, it has dropped about 3%.  In July, the number of nonparticipants climbed by more than half a million.

(more…)