The Unemployment Farce: Only 42% of People Working
September 8, 2012 § Leave a Comment
Worst news ever!!
The number of Americans whom the U.S. Department of Labor counted as “not in the civilian labor force” in August hit a record high of 88,921,000. …
In July, there were 155,013,000 in the U.S. civilian labor force. In August that dropped to 154,645,000—meaning that on net 368,000 people simply dropped out of the labor force last month and did not even look for a job.There were also 119,000 fewer Americans employed in August than there were in July. In July, according to the Bureau of Labor Statistics, there were 142,220,000 Americans working. But, in August, there were only 142,101,000 Americans working.
Despite the fact that fewer Americans were employed in August than July, the unemployment rate ticked down from 8.3 in July to 8.1. That is because so many people dropped out of the labor force and stopped looking for work. The unemployment rate is the percentage of people in the labor force (meaning they had a job or were actively looking for one) who did not have a job.
The Bureau of Labor Statistic also reported that in August the labor force participation rate (the percentage of the people in the civilian non-institutionalized population who either had a job or were actively looking for one) dropped to a 30-year low of 63.5 percent, down from 63.7 percent in July. The last time the labor force participation rate was as low as 63.5 percent was in September 1981.
Think about that. In August the U.S. civilian labor force was 154,645,000 people. The unemployment rate among those people was 8.1%. So of those 154M who could/should be working 12,526,245 were not. These 12.5M are on unemployment. That means that 142,118,755 people are working; hooray for them!!
We are a country of 314,330,000 people. That means that only 42% of the people in this country are working.
Forty-Two Percent of people in this country are working.
Just think about that for a little bit.