February 3, 2012
Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year LowNo, that's not a typo: 1.2 million people dropped out of the labor force in one month!
So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation. -- | ZeroHedge
Posted by gerardvanderleun at February 3, 2012 9:37 AM. This is an entry on the sideblog of American Digest: Check it out.
I pointed out over at a "Tatler" posting that making the case that the unemployment rate is bogus will be a challenge. A lot of people like their stats short and sweet, and will ignore the "hidden unemployed" precisely because they are hidden.
By all means, find a way to make it a big issue if you can, but remeber both human nature and the remarkable stupidity and cupidity and capriciousness of a large segment of the so-called "independent" voters. You know, the ones who actually thought that Obama and Democrats are economic geniuses in 2008?
Posted by: Don Rodrigo at February 3, 2012 11:26 AM
On KTVU (Oakland, San Francisco) this morning, the anchor-propagandista started out the hour with a gushing "President Obama received a string of good economic news this morning, as the unemployment rated dropped to 8.3%, the lowest it's been in 3 years."
Posted by: Uncle Jefe at February 3, 2012 2:50 PM
The trouble is that everyone knows someone, or is related to someone who hasn't had a job for a very long time. It's hard to bullshit those folks, and for those who are jobless under thirty, and want to work, well I remember voting Reagan in 80, and it was very much about that.
Posted by: Casca at February 3, 2012 3:14 PM
I read somewhere tonight that if the labor force participation rate dropped to zero, and all of those people gave up looking for work, then the official unemployment rate would be zero. Problem solved!
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