Obama keeps bragging about the drop of the unemployment rate and the 178,000 new jobs created. Then how does he explain the huge, record number of American people who are out of the labor force?
This number just hit record last month, as the Labor Department announced that 95,055,000 Americans were not only unemployed, but completely out of workforce. This means that they didn’t have a job, but neither did they made an effort or sought assistance in finding work over the entire month of November.
The record level of Americans that are not in the workforce last month showed a substantial 446,000 increase over the previous month, October. This is due to various reasons such as retirement, education, discouragement or a complete lack of trust in the program.
According to the data from the Labor Department, in November there were 1.9 million Americans who were only marginally attached to the labor force, or people who weren’t part of the workforce whatsoever, but have searched for some job at some point in the last 12 months. Some of the marginally attached people – 591,000 of them – were discouraged workers, or in other words people who have lost their faith and stopped looking for a job because they no longer believe that there is a job out there for them.
This is not a coincidence – for the last few years (when Obama was in office), more and more Americans have been dropping out of the workforce. In the first years when Obama became president, the number of people out of the labor force was 80,529,000. That number is now bigger for 14,526,000, ‘thanks’ to… guess who?
The latest number of workforce participators measured in November showed 62.7 percent – the lowest it has been since the 1970s.
Ironic, the economy appears healthy by other measuring standards. The number of employed Americans has reached 152,085,000 and the unemployment rate dropped by 0.3 percentage point and now is 4.6 percent. This put in numbers would mean that the number of unemployed people is lower by 387,000 and now it’s 7,400,000.
This just means that the people who are out of the labor force are still unemployed – but now that they’ve lost all hope and have given up, they become invisible to the economy margins.
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Source: The Daily Caller