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Americans’ Participation in Labor Force Hits 35-Year Low

“The percentage of American civilians 16 or older who have a job or are actively seeking one dropped to a 35-year low in October, according to the Bureau of Labor Statistics.

In September, the labor force participation rate was 63.2 percent, but in October it dropped to 62.8 percent—the lowest it has been since February 1978, when Jimmy Carter was president.

The labor force, according to BLS, is that part of the civilian noninstitutional population that either has a job or has actively sought one in the last four weeks. The civilian noninstitutional population consists of people 16 or older, who are not on active-duty in the military or in an institution.”

Via CNS News

Categories: Unemployment

10 Facts About The Growing Unemployment Crisis In America That Will Blow Your Mind

“Did you know that there are more than 102 million working age Americans that do not have a job? Yes, I know that number sounds absolutely crazy, but it is true. Right now, there are more than 11 million Americans that are considered to be “officially unemployed”, and there are more than 91 million Americans that are not employed and that are considered to be “not in the labor force”. When you add those two numbers together, the total is more than 102 million. Overall, the number of working age Americans that do not have a job has increased by about 27 million since the year 2000. But aren’t things getting better? After all, the mainstream media is full of headlines about how “good” the jobs numbers for October were. Sadly, the truth is that the mainstream media is not being straight with the American people. As you will see below, we are in the midst of a long-term unemployment crisis in America, and things got even worse last month.”

Via The Economic Collapse blog

Categories: Unemployment

Welcome To The Non-Recovery: ADP Payrolls Miss Big, Plunge To Lowest Since April (With Infographic)

“As we mentioned earlier, if there was one thing that would guarantee an 1800 print in the Stalingrad and Propaganda 500 index today, it was a 0 or negative ADP print. Well, it wasn’t that bad. But it was close: with a paltry 130K private jobs created in October, this was a monthly plunge in private (i.e. non-government) payrolls, well below expectations, and substantially lower than the September 166K print which also was revised lower to 145K. It was also the 4th consecutive monthly decline starting with a 190K print in June, and it’s all downhill from there. Finally, this was the 7th ADP miss in the past 8 months. We can’t wait as the spinmasters do all they can to explain how private payrolls were affected by a government shutdown.”

Via Zero Hedge

If We Are In An Economic Recovery, Why Are Major Corporations Firing Thousands?

October 11, 2013 1 comment

“We already have declining real wages. Small businesses are geting wiped out by taxes, regulations, and Obamacare. These mega-corporations are firing thousands. Retail and restaurant sales are plunging. Consumers are scared straight and are reducing credit card debt. Government spending in states and localities is declining because they are required to balance their budgets. The Boomers are old, with no savings. They can no longer live in a delusionary credit bubble. Sounds like a reason to buy stocks. “

Via Zero Hedge

Initial Claims Data Worthless For Second Week Due To Ongoing “Computer Upgrade” Glitches

September 19, 2013 Leave a comment

“Economic data may be completely meaningless now that the Fed is openly blowing a bubble without any qualms, but even the Fed at least pretends its policy is guided by said economic data. Which is a problem because for the second week in a row, Initial Claims data is absolute garbage, following an admission by the BLS that “two states” are still working through the claims backlog caused by the “computer-system changeover.” Recall that last week’s “computer upgrade” was the reason why claims plunged from 323K to 292K (on expectations of 330K). And yes, they actually put that “excuse” on paper:”

Via Zero Hedge

Categories: Unemployment

Real Unemployment Rate Rises To 11.4%, Difference Between Reported And Real Data Rises To Record

“As frequent readers know, for the past three years we have compiled data looking at the US unemployment rate assuming a realistic labor force participation rate, which is the trendline average of the past three decades, or in the mid-65% area. Using such an approach allows us to estimate what the true unemployment (U3, not U6 underemployment) rate is. We can report that as a result of the latest monthly collapse in the labor force whose only purpose was to lower the unemployment rate from 7.4% to 7.3%, the actual implied unemployment rate just rose from 11.2% to 11.4%”

Via Zero Hedge

Categories: Unemployment

August Jobs Rise 169K, Less Than Expected, Unemployment Rate 7.3%, Huge Downward Revision To July Print

‘A messy report out of the gate with the number of jobs added in August at 169K, or as predicted by ADP, worse than the 180K expected, however this was offset by the Unemployment Rate dropping from 7.4% to 7.3%, on expectations of an unchanged print. However what has shocked the market is the revision to the July jobs number from 162K to only 104K, resulting in a net drop of 74K jobs, and breaking the average 2013 jobs gain of 200K which previously was said by the Fed to be the key threshold level for tapering. The question now is: is this print bad enough to delay the taper? “

Via Zero Hedge

Categories: Unemployment

Unemployment Rate Surges To Highest Since 2011 – Gallup Polling

September 5, 2013 1 comment

“With ADP out of the way, and providing no guidance to an extreme NFP print one way or another, we once again turn to Gallup. As a reminder, a few days ago we showed that things are bad and getting worse for America’s job prospects following direct polling land as relates to unemployment on a seasonally unadjusted basis. Today, the polling group has released its seasonally adjusted unemployment number and how it compares to the BLS’ own estimation of the labor market. In a word: it is not pretty (which, again, is good for those who are hoping and praying St. Ben will keep the monetary Kool Aid running for a little bit longer): at 8.6% it is over 1% higher than the BLS’ reported print, and is the highest since the end of 2011.”

Via Zero Hedge

Categories: Unemployment

Where The Jobs Are (Retail) And Aren’t (Construction)

“One of the overlooked components of today’s NFP report is that in July the one industry that posted a clear decline in workers was none other than Construction, the sector which is expected to carry the recovery entirely on its shoulders once Bernanke tapers and ultimately goes away, which saw a decline of 6,000 workers: the largest job loss by industry in the past month. Perhaps there isn’t quite as much demand as some would propagandize? But most notably, and disturbingly, is that the industry with the most job gains in July was also the second lowest paying one: retail, which saw an addition of 47,000 jobs: far and away the biggest winner in the past month. The worst paying industry – temp jobs – rose by 8K in July following a revised 16K increase in June. And the reason for the swing in July: the plunge in another low-quality job group: Leisure and Hospitality, which increased by only 23K in July following 57K additions in June.”

Via Zero Hedge

Categories: Economy, Unemployment

Record Jobs For Old Workers; For Others – Not So Much

“While we have banged the table on the full vs part-time disconnect for so long even the mainstream media has finally caught up, another issue that few outlets mention let alone discuss is that all the job growth in the US has, so far, only benefited old workers: those 55 and older. July was no difference. As the chart below shows, of the 160k jobs broken down by age group, 60% went to workers aged 55-69. No jobs were added by those 16-19, 49K jobs went to recent college grads, or those otherwise aged 20-24, and a measly 15K jobs were gained by Americans in the prime working age between the years of 25-54. “

Via Zero Hedge

Categories: Unemployment
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