Record 1.2 Million People Fall Out Of Labor Force In One Month,
Labor Force Participation Rate Tumbles To Fresh 30 Year Low
Submitted by Tyler Durden on
02/03/2012 08:51 -0500
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.
02/03/2012 08:51 -0500
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.
This is the largest absolute jump in 'Persons Not In Labor Force' on
record...and biggest percentage jump in 30 years.
