Posted on 12/02/2022 8:57:08 AM PST by EBH
The US labor force participation rate fell for a third straight month in November, underscoring businesses’ ongoing struggle to find enough workers.
The share of Americans either working or actively looking for a job fell to 62.1%, according to government data released Friday. The rate had risen to 62.4% in August, matching a post-pandemic high reached in March, but remains significantly below where it was before the pandemic.
“We got no help from the participation rate, which continues to move in the wrong direction and will keep competition for labor high until the economy inevitably rolls over sometime next year,” said Cliff Hodge, chief investment officer at Cornerstone Financial.
Concerns about Covid-19, trouble finding child care, early retirements and suppressed immigration have all contributed to a subdued workforce.
The drop in participation is bad news for Federal Reserve officials, who have aggressively been rising interest rates this year as they try to tame inflation. They were hoping that cooling the economy would lure workers back to jobs. It hasn’t happened yet.
(Excerpt) Read more at msn.com ...
Either way it is interesting even with inflation, people continue to leave the workforce.
Personally, I am starving the beast.
See, see! Unemployment is down at record lows! /sarc
Consider an aging demographic, and a workplace hostile to white men (getting rid of, and deliberately not hiring) as two factors adding to the numbers.
I think the administration wants business to avoid pay raises, so that inflation is not fueled.
But people don’t want to work for peanuts.
Unemployment rate in early 2020: 15%.
U rate now: 3.7%.
And people here screaming we are in a depression.
Fully half of Gen Z (18-29 years old) live with their parents. For them, employment is an unattractive and unnecessary annoyance. They are the ones who recently voted for increased inflation, high energy prices, legalized marijuana, and abortion.
meaningless statistic unless you account for participation rate. How many small businesses went out of business as a result of the two week ‘stop-the-spread’ shut downs? Supposedly there are twice as many job openings as there are people to fill them, this used as an excuse to say we need more immigrants. Yet we have the lowest unemployment in decades? Hogwash.
We are in a government created false economy, living on borrowed money and borrowed time, fueling on strategic reserves. Government, which produces nothing, is a greater part of the economy than ever before in US history. Inflation highest in 50 years.
There is still a crash coming, some just dont want to see it.
In China, they call it “lying flat” - taking it easy, not working hard for low-paying jobs. Its especially common among the <35 crowd.
Its a consequence of socialist/government over-control of economy, massive debt, printed money, and inflation.
Its worse in China, but USA suffers under the same conditions
perhaps the employable unemployed are too comfortable.
That means the drumbeat to employ illegals stronger.
It's based on the "potential work force" -- which includes anyone 16 years old and above who is not institutionalized.
I have at least a dozen extended family members who are retired, and are at least 75 years of age. They are considered part of the "potential work force" even though they have no interest in going back to work.
Also, credit card debt is skyrocketing. That helps paint a picture. A really bad one.
I don’t agree, the people I see who refuse to enter the work force are technically self-employed, doing under the table work, avoiding income taxes and doing just fine. They are all over my neighborhood internet group offering their services from gutter cleaning to mowing, leaf removal, power washing, hauling trash, building fences, etc., etc., etc. Many live in RVs and boondock for free. They also do computer-related work. They love their lives.
The coming recession looks garden-variety so far. I know many here are pining for total disaster but they will be disappointed once again.
To be fair even those that do work are faces with inflated housing prices and rents.
Agreed - this ain’t 2008.
There was a time when I thought I would just stop working. Then I got hungry.
Who is supporting all the layabouts? Part of this is residual from the covid panic. Part of this started when it was deemed burger flipping at McDonalds was considered a lifetime career that paid a salary capable of supporting a family of five or more. The service sector is all but dead, and along with it go local owned stores and restaurants. Then you have certain blue cities that refuse to punish thieves. The world created by the left stinks. We cannot coexist.
“...suppressed immigration...” Say, WHAT?
Yes, one couple I know really has it dialed. She does internet exercise shows, he got a job at a pot shop long enough to buy a new Toyota truck, outfitted it with one of those tent thingies and they spend most of their time on vacation. He’s about to do some temporary construction work for a house-flipping friend (under the table of course) in Arizona.
They seem quite happy. He also has military retirement and VA benefits for extra support.
“Personally, I am starving the beast.”
Us, too. Food, heat and gasoline when we need it. Otherwise, spending is not happening. I did the same thing (8years!) during the 0bama Reign of Error.
I am, however, making a big, long list of Home/Farm Improvements which we will tackle once President in Exile Trump is back at the helm. ;)
No pining for disaster from me. But the future is not for my kids what was available to me 50 years ago. I am not saving for my own retirement anymore. I will survive just fine. I am saving so I can pass on to my kids so that they can get through the hard times coming.
You observe your neighborhood, and I could make similar observations in mine. Is an underground economy an excuse for claiming low employment for political gain? An underground economy is governments excuse for bigger IRS enforcement and more government control measures.
What you leave out of your reply is that small town America has been dying for awhile now, and COVID was a kill shot for many. Have you driven through rural America lately? Whole towns are boarded up. The same is true in Dem run big cities.
People who have a low standard of living already or have their home already paid off can sometimes get by on under-the-table work. People who are looking for the opportunity to buy a home at 10% interest rate so they can start a family cant do that on part time, seasonal, off the books, lawn mowing and dog walking jobs.
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