Ray Marshall, Labor Secretary 1977-81
Posted on 05/02/2014 1:56:34 PM PDT by Nachum
Secretary of Labor Tom Perez dismissed today’s reported drop in the labor participation rate this morning on CNBC.
According to the Department of Labor the economy created 288,000 jobs in the month of April, but the labor participation rate dropped 0.4 percentage points back to a historical low of 62.8 percent.
Host David Faber put it to Perez directly, noting the labor participation rate drop is not due to people retiring given the participation rate for individuals 55 and older actually increased. “The civilian labor force dropped by 806,000 in April. The participation rate down by 0.4 percentage points, lowest it’s been since 1978. I mean come on, what is going on here?” he asked.
(Excerpt) Read more at freebeacon.com ...
The list, Ping
Let me know if you would like to be on or off the ping list
Please look behind the curtain that Jay Carney is using.
Ray Marshall, Labor Secretary 1977-81
Between the value destruction of retirement plans and the older generation still not having the work ethic bred out of them, why do you suppose that is? Really?
Prices on everything sure remind me of those wretched days.
Banner on CNN said Jobs numbers crush expectations”
I understand that he also said that the reason so many people aren’t working is that they’re too busy playing with their Obamaphones to look for a job.
“The civilian labor force dropped by 806,000 in April. The participation rate down by 0.4 percentage points, lowest it’s been since 1978.”
Hey, come on, this is a positive. It’s actually a win-win: (i) These people who’ve given up on work can now pursue their dream of being an artist or a poet, and (ii) there’ll be less competition for the sparse number of McDonald’s jobs still out there.
Move along; nothing to see here.
The slack was taken up by robots.
I read about the report on HuffingPaint Post. The liberals were saying that the report was excellent news. When talking about the participation rate they said 10,000 baby boomers retire every day. Whatever it takes to keep the fantasy alive.
So they could cook the books by calling anyone over a certain age “retired” if he’s unemployed, and not count him in the unemployment rate.
I think that is precisely what they are doing.
WSJ says if current trends hold (real or imagined data) unemployment rate will be 5% in time for Hillary’s run for the roses.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.