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Forward: Back To Where We Were In 1978

- September 6, 2013

The August Labor Force Participation Rate Declined To 63.2 Percent. (Bureau Of Labor Statistics, Accessed 9/6/13)

The Real Unemployment Rate, Including Those That Are Working Part-Time Due To Economic Reasons, Is 13.7 Percent. (Bureau Of Labor Statistics, Accessed 9/6/13)

21.6 Million Americans Are Unemployed, Underemployed Or Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 9/6/13)

The Number Of Workers Working Part-Time For Economic Reasons Is 7.9 Million. (Bureau Of Labor Statistics, Accessed 9/6/13)

  • Since Obama Took Office, The Number Of Workers Working Part-Time For Economic Reasons Has Increased By 131,000. (Bureau Of Labor Statistics, Accessed 9/6/13)
  • There Are Currently 866,000 Unemployed Workers That Have Given Up Looking For Work. (Bureau Of Labor Statistics, Accessed 9/6/13)

In August, The African American Unemployment Rate Increased From 12.6 Percent To 13 Percent. (Bureau Of Labor Statistics, Accessed 9/6/13)

  • Since Obama Took Office, The African American Unemployment Has Increased From 12.7 Percent To 13 Percent. (Bureau Of Labor Statistics, Accessed 9/6/13)

Since Obama Took Office, The Average Duration Of Unemployment Has Nearly Doubled From 19.8 Weeks To 37 Weeks. (Bureau Of Labor Statistics, Accessed 9/6/13)

Since Obama Took Office, The Nation Has Lost 756,000 Construction Jobs.  (Bureau Of Labor Statistics, Accessed 9/6/13)

Since Obama Took Office, The Nation Has Lost 593,000 Manufacturing Jobs.  (Bureau Of Labor Statistics, Accessed 9/6/13)

The Unemployment Rate Decrease Is Not Due To Good News

The Unemployment Rate Fell “Because More Americans Stopped Looking For Work And Were No Longer Counted As Unemployed.” “The Labor Department says the unemployment rate dropped to 7.3 percent, the lowest in nearly five years. But it fell because more Americans stopped looking for work and were no longer counted as unemployed.” (“Unemployment Rate Falls To 7.3 Percent As People Stop Searching,” The Associated Press, 9/6/13)

The August Employment Report Suggests That The Labor Market “Isn’t Gaining Strength.” “Employers added 169,000 jobs in August and July's figure was revised sharply lower to 104,000, suggesting the labor-market recovery isn't gaining strength and potentially complicating the Federal Reserve's plans to start dialing back its support for the economy.” (Jonathan House and Eric Morath, “U.S. Employers Add 169,000 Jobs As Hiring Pace Slows,” The Wall Street Journal, 9/6/13)

“The Proportion Of Americans Working Or Looking For Work Fell To Its Lowest Level In 35 Years.” (“Unemployment Rate Falls To 7.3 Percent As People Stop Searching,” The Associated Press, 9/6/13)

  • “The Share Of The Population That Is Working Or Looking For Work—A Measure Known As The Participation Rate—Stands Near A Three-Decade Low.” “Many have given up applying. Nearly seven million people say they want a job but aren't actively looking for work. The share of the population that is working or looking for work—a measure known as the participation rate—stands near a three-decade low.” (Ben Casselman, “Long-Term Jobless Left Out Of The Recovery,” The Wall Street Journal, 9/2/13)
  • “More Than 8.9 Million Americans Were Receiving Federal Disability Payments In August, 1.8 Million More Than When The Recession Began.” “More than 8.9 million Americans were receiving federal disability payments in August, 1.8 million more than when the recession began. Experts suspect many of the new recipients would have kept working in a healthier economy; research has found that once people begin receiving disability payments, relatively few return to work.” (Ben Casselman, “Long-Term Jobless Left Out Of The Recovery,” The Wall Street Journal, 9/2/13)

The Unemployment Rate Has Fallen “Almost Entirely” Because Fewer People Are Looking For Jobs, Rather Than Due To People Actually Finding Jobs. “The unemployment rate has dropped almost entirely because of this decline in labor force participation. In other words, it has not fallen because people are finding jobs. It has fallen because fewer people are looking for jobs.” (Binyamin Appelbaum, “Labor Force Participation Is Not Coming Back,” The New York Times’ Economix Blog, 7/18/13)

  • Also Weighing On The Labor Force Participation Decline Is The “Growing Popularity Of Federal Disability Benefits, As They Tend To Remove The Unemployed From The Workforce “On A Permanent Basis.” “It also points to the growing popularity of federal disability benefits, a program many researchers say is functioning as a safety net for people who can’t find jobs – except that it tends to remove them from the workforce on a permanent basis.” (Binyamin Appelbaum, “Labor Force Participation Is Not Coming Back,” The New York Times’ Economix Blog, 7/18/13)
  • “What Is New, Surprising, Alarming And Often Overlooked In The Labor Force Today Is The Exodus Of Workers In Their Prime — And All The Growth Opportunities They’ve Taken With Them.” “This is exactly why it was wrong in the first place to point to demographic change as the more important component of the decline in labor force participation today. It has never been a question that America’s demographics would shift as the baby boomers began to retire; we’ve seen it coming for decades. What is new, surprising, alarming and often overlooked in the labor force today is the exodus of workers in their prime — and all the growth opportunities they’ve taken with them.” (Jim Tankersley, “WonkFeud Part 2: The Labor Force Participation Debate Gets Real,” The Washington Post’s WonkBlog, 4/30/13)

 


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