Americans participating in the labor force reduce to multi-year lows
The number of Americans participating in the labor force has been on a decline for the past few years. Nearly 33 percent of the Americans above age 16 are not part of the workforce, the highest number since 1978. The Bureau of Labor Statistics (BLS) report issued recently has found 92,898,000 Americans above age 16 not a part of the labor force of the country as on February 2015.
When President Obama took over the office in January 2009, nearly 80,529,000 Americans were not a part of the labor force. The number has increase by nearly 12 million over the last few years. The unemployment number has come down after the 2008 recession but an increase in the number of non-working Americans could mean that the unemployment data isn’t showing the real picture.
Since March 1978, the percentage of Americans not participating in the work force has increase to its highest level in 2015. Last month, the U.S. economy added 295,000 jobs and unemployment rate declined to multi-year low of 5.5 percent. The aging baby-boomers have led to an increase in the number of Americans not participating in the workforce.
Jason Furman, chairman of the Council of Economic Advisers, said in a statement, “With another strong employment report, we have now seen 12 straight months of private-sector job gains above 200,000—the first time that has happened since 1977.”
The unemployment data does not count the job seekers who didn’t look for job in four week preceding the data collection. The data also doesn’t count people who are part-time employed.
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