Another month – Another devastating jobs report.
The number of Americans not in the labor force soared again in June, this time by a 640,000. (Zero Hedge)
A record 93,626,000 working age Americans did not participate in the nation’s labor force in June, a 38 year low.
Not since the Jimmy Carter years has the US seen such horrific employment numbers.
CNS News reported:
A record 93,626,000 Americans 16 or older did not participate in the nation’s labor force in June, as the labor force participation rate dropped to 62.6 percent, a 38-year low, according to the Bureau of Labor Statistics.
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In June, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, hit 250,663,000. Of those, 157,037,000 participated in the labor force by either holding a job or actively seeking one.
The 157,037,000 who participated in the labor force equaled only 62.6 percent of the 250,663,000 civilian noninstitutional population, the lowest labor force participation rate seen in 38 years. It hasn’t been this low since October 1977 when the participation rate was 62.4 percent.
Another 93,626,000 did not participate in the labor force. These Americans did not have a job and were not actively trying to find one.
And full time jobs plummeted in June.
According to Zero Hedge – The composition of the US labor force once again deteriorated rapidly with part-time jobs added in June surging by 161,000 while the number of full time jobs tumbled by 349,000.