- Jul 19, 2012
- Reaction score
- Political Leaning
Over the course of the last century, the number of workers employed. . . in industry, and in the farm sector has collapsed dramatically. At the same time, “professional, managerial, clerical, sales, and service workers” tripled, growing “from one-quarter to three-quarters of total employment.” In other words, productive jobs have, just as predicted, been largely automated away
Sure. Because a lower unemployment rate is bad.
Over the past three months, the U.S. economy has averaged 148,000 new jobs per month. That’s actually a slower pace than the previous six months. Yet the unemployment rate keeps dropping precipitously, reaching 7.3 percent in August — the lowest since December 2008.
The reason? Between July and August, 312,000 people dropped out of the labor force. But because the official unemployment rate counts only those workers who are actively seeking work, the unemployment rate fell.
To put this in perspective: If the same percentage of adults were in the workforce today as when Barack Obama took office, the unemployment rate would be 10.8 percent.
Three reasons the U.S. labor force keeps shrinking
Sure. Because a lower unemployment rate is bad. And lowering it that way is like just causing a worse problem.
A big reason for work force participation dropping?
Baby Boomers are starting to retire. The work force will be shrinking for the next 15 years.
Isn't it fun to pretend its partisan economic policies though? It's much easier on the brain.
So it's just a coincidence that it dropped in 2007-2008 and hasn't come back? Puh-lease.
Far more horrifying is the fact that baby boomers are too poor to retire.
I'm not sure if you're aware of this, but there was a pretty significant recession in 08. People on the cusp of retirement did it early, since no jobs were around.
And generally, when you retire, you tend not to come back later.
Workforce participation will probably not rise again for a decade no matter who is in office. Simple demographics and economics. If you look at the reasonable forecasts for unemployment back in 09, they didnt predict employment would return to pre-crash levels til 2014 or later. It's a lagging indicator.
What exactly are people retiring on? They have no savings.
Employment rate age 55-64.
Your claims about people retiring early are garbage. There is no evidence. Unemployment is affecting the young.
Garbage? Really? Didja NOTICE the article I posted earlier explaining the demographics? The number of people (and percentage of the population) who hit retirement age is increasing every year in the US. 10,000 people EVERY DAY turn 65, and that number will stay the same for about the next 20 years.
And many young people left the workforce over the last few years to continue schooling. Enrollment was way up from 2009 on. When you cant get a job with a bachelors, you go to grad school. When you cant get a job as a carhop, you got to vocational school to be a plumber. More and more kids are going on to post secondary education. College enrollment has dropped in 2012 as the economy has improved. This the little tick up on your second graph. That should go up even more next year.
Agreed. The participation rate is a much better measure of economic health.
Better question. How many 15 year olds could find work if they tried?
Is it even legal to hire a 15 year old? How many 15 year olds are mature enough to actually show up and work?
Even in the 80s and 90s, every time I hired anyone young they always let me down. So, my company policy was we hired only women and they had to be over 40, overweight and/or handicapped. So, I sure wouldn't hire a 15 year old myself.
So, how can this be known enough to legitimately keep track of an unemployment rate among 15 year olds?