88 Million (That’s One In Three Americans) Are Invisible to Government Employment Statistics
With recovery in full swing and unemployment dropping to an Obama administration near record low of 8.2%, the US economy seems to be bouncing back stronger than ever. Unless, of course, you look at the numbers no one in mainstream media, the Bureau of Labor and Statistics, or the administration is talking about. As many of our readers already know, the official unemployment rates released monthly by the BLS (U-3, U-6) fail to account for one very key figure – those individuals who are no longer in the labor force.
The number of those folks – the ones that don’t matter anymore because counting them would hinder the President’s reelection bid – is absolutely staggering for what is supposed to be the engine of the global economy and the world’s only super power:
Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%.
Over the past several years people have dropped out of the labor force at an astounding, almost unbelievable rate, holding the unemployment rate artificially low. Some of this was due to major revisions last month on account of the 2010 census finally factored in. However, most of it is simply economic weakness.
In the last year, the civilian population rose by 3,604,000. Yet the labor force only rose by 1,315,000. Those not in the labor force rose by 2,289,000.
The Civilian Labor Force fell by 164,000.
Those “Not in Labor Force” increased by 310,000. If you are not in the labor force, you are not counted as unemployed.
Those “Not in Labor Force” is at a new record high of 87,897,000.
Source: Townhall Finance