Record 1.2 Million People Fall Out Of Labor Force In One Month

R

RockX

Banned
[h=1]Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low[/h]

A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%.

Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million. No, 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.

As for the quality of jobs, as withholding taxes roll over Year over year, it can only mean that the US is replacing high paying FIRE jobs with low paying construction and manufacturing. So much for the improvement.


Chart below shows it all - that jump is not a fat finger!

And Labor Force Participation:

This is the largest absolute jump in 'Persons Not In Labor Force' on record...and biggest percentage jump in 30 years.

Chart: Bloomberg


http://www.zerohedge.com/news/recor...month-labor-force-participation-rate-tumbles-

:palm:
 
Well, if you want to make it appear as if Unemployment is dropping, it is easier done by "dropping" record numbers from those counted as unemployed.
 
Conservative said:
Another 1.2 million people dropped out the workforce, which means that Bureau of Labor Statistics (BLS) economists can say that unemployment has moved down to 8.3 percent without that messy job-creation thing getting in the way.

That’s been such a bummer for Obama. But now he doesn’t have to worry about his programs actually doing anything, since the invention of the new government BLS math BS to replace the old government BLS math BS makes job creation obsolete. That's just perfect for the Democrats.

ZeroHedge says that if you add back in the 5 million people who have permanently dropped out the labor force, as reflected in the historical average workforce participations rates, the “implied” unemployment rate is 11.5 percent and rising, not falling.


http://finance.townhall.com/columni...s_bls_report_shows_obama_costs_us_20_trillion
Click to expand...

Thank goodness there are alternatives. Mitt who doesn't give a damn about the poor or Newt whose employment suggestion is having children clean school toilets.
 
apple0154 said:
Thank goodness there are alternatives. Mitt who doesn't give a damn about the poor or Newt whose employment suggestion is having children clean school toilets.
Click to expand...


Both are facts......the poor are protected by far more than the lower wage taxpayers.....and the kids need to be taught a work ethic and personal responsibility, both unheard of in the liberal world....
 
bravo said:
Both are facts......the poor are protected by far more than the lower wage taxpayers.....and the kids need to be taught a work ethic and personal responsibility, both unheard of in the liberal world....
Click to expand...

(Excerpt)The work ethic has become obsolete. It is no longer true that producing more means working more, or that producing more will lead to a better way of life.
The connection between more and better has been broken; our needs for many products and services are already more than adequately met, and many of our as-yet- unsatisfied needs will be met not by producing more, but by producing differently, producing other things, or even producing less. This is especially true as regards our needs for air, water, space, silence, beauty, time and human contact.

Neither is it true any longer that the more each individual works, the better off everyone will be. In a post-industrial society, not everyone has to work hard in order to survive, though may be forced to anyway due to the economic system. The present crisis has stimulated technological change of an unprecedented scale and speed: `the micro-chip revolution'. The object and indeed the effect of this revolution has been to make rapidly increasing savings in labour, in the industrial, administrative and service sectors. Increasing production is secured in these sectors by decreasing amounts of labour. As a result, the social process of production no longer needs everyone to work in it on a full-time basis. The work ethic ceases to be viable in such a situation and workbased society is thrown into crisis." (Emphasis added)
http://en.wikipedia.org/wiki/Work_ethic

That is the crux of today's problem. In the past work was done in order to produce something that was needed. Today, work is done mostly due to the economic set-up of our society. The purpose of work was to offer one and others a better life. Before the technological age, when everything had to be made by hand, the work ethic had a place. Food, clothing, shelter....everyone had to contribute. That is not the case anymore. As the article reads "production no longer needs everyone to work."

My favorite example is the "pet rock". (http://en.wikipedia.org/wiki/Pet_Rock) As a society we admire a person who acquires money but frequently the job done to acquire the money has no intrinsic value. The work ethic, in many cases, has lost it's raison d'etre.

Yes, the liberal world is trying to address the problem. That is part of the Obama change. That is what Obama was trying to get across to the Repubs when he told them not to come to the table with old, tired, worn out ideas and one of those old, tired, worn out ideas was a person's access to medical care be based on financial abiblity. Does the person who came up with the "pet rock" idea deserve better medical care than a single Mom raising three teenagers and working 40 hours a week?

Ethics: a system of moral principles (http://dictionary.reference.com/browse/ethics)

What type of morals pervades a society that practices such ethics?
 
webbway said:
[h=1]Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low[/h]

A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%.

Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million. No, 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.

As for the quality of jobs, as withholding taxes roll over Year over year, it can only mean that the US is replacing high paying FIRE jobs with low paying construction and manufacturing. So much for the improvement.


Chart below shows it all - that jump is not a fat finger!

And Labor Force Participation:

This is the largest absolute jump in 'Persons Not In Labor Force' on record...and biggest percentage jump in 30 years.

Chart: Bloomberg


http://www.zerohedge.com/news/recor...month-labor-force-participation-rate-tumbles-

:palm:
Click to expand...

Of course...webbtroll's numbers are wrong...but what a surprise that supposedly "honest" Righties just let it all slide right on by...

Now...the truth:

First, about that jobs report: all the usual suspects have jumped on the routine BLS population adjustment to claim that the numbers were cooked. The real story here is that the BLS estimates unemployment based on a monthly survey; this tells us what fraction of workers are unemployed. To turn that into a number of unemployed, the BLS estimates total working-age population; but it updates those estimates only once a year. So there's usually a step up or down in the totals each January, signifying nothing.

Back in the Bush years there were a lot of bogus claims of huge job growth reflecting a step up in the population numbers. Now we have Rush Limbaugh, Fox, etc., claiming that a step down somehow implies fake calculations. Still not true. And the thing that makes this so tiring is that they keep trotting out the same old bogosity, no matter how many times it has been refuted.

Once again we see that party supporters who routinely tout the Republican Party as the party of honesty and family values, lies.

And not a ONE of his fellow Righties calls him on it either...telling indeed.
 
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