People Not In Labor Force Soar To Record 91.8 Million; Participation Rate Plunges To 1978 Levels
Submitted by Tyler Durden
Curious why despite the huge miss in payrolls the unemployment rate tumbled from 7.0% to 6.7%? The reason is because in December the civilian labor force did what it usually does in the New Normal: it dropped from 155.3 million to 154.9 million, which means the labor participation rate just dropped to a fresh 35 year low, hitting levels not seen since 1978, at 62.8% down from 63.0%.
And the piece de resistance: Americans not in the labor force exploded higher by 535,000 to a new all time high 91.8 million.
The jobless, laborless recovery continues to steam on.
Sessions: 'For Every One Job Added, Nearly 5 People Left the Workforce'
Daniel Halper
January 10, 2014 11:28 AM
Alabama senator Jeff Sessions responds to the latest jobs report:
"Today’s jobs report underscores a deeper problem facing our economy: a large and growing block of people who are chronically jobless and completely outside the workforce. In December, the economy added only 74,000 jobs – not nearly enough to keep up with population growth –and 347,000 left the workforce. That means for every one job added, nearly 5 people left the workforce entirely. There are now nearly 92 million Americans outside the workforce, resulting in the lowest participation rate in 36 years. The President’s immigration plan will only make things dramatically worse – and no amount of ‘promise zones’ will be a sufficient remedy for the millions of displaced workers.
"We must help people move off of welfare, off of unemployment, and into good-paying jobs that can support a family. More tax, spend, borrow and regulate will only produce more joblessness, dependency and debt. Instead, we need more American energy, streamlined taxes and regulations, a leaner and less wasteful government, better trade and immigration enforcement, and a reformed welfare system that helps struggling Americans realize the dream of financial independence."
"Today’s jobs report underscores a deeper problem facing our economy: a large and growing block of people who are chronically jobless and completely outside the workforce. In December, the economy added only 74,000 jobs – not nearly enough to keep up with population growth –and 347,000 left the workforce. That means for every one job added, nearly 5 people left the workforce entirely. There are now nearly 92 million Americans outside the workforce, resulting in the lowest participation rate in 36 years. The President’s immigration plan will only make things dramatically worse – and no amount of ‘promise zones’ will be a sufficient remedy for the millions of displaced workers.
"We must help people move off of welfare, off of unemployment, and into good-paying jobs that can support a family. More tax, spend, borrow and regulate will only produce more joblessness, dependency and debt. Instead, we need more American energy, streamlined taxes and regulations, a leaner and less wasteful government, better trade and immigration enforcement, and a reformed welfare system that helps struggling Americans realize the dream of financial independence."
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