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Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low

Posted By yihan On February 3, 2012 @ 8:19 am In Featured Stories,Money Watch,Tile | Comments Disabled

Zero Hedge [1]
Friday, February 3, 2012

A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%. Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million. No, that’s not a typo: 1.2 million people dropped out of the labor force in one month! So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation. As for the quality of jobs, as withholding taxes roll over Year over year, it can only mean that the US is replacing high paying FIRE jobs with low paying construction and manufacturing. So much for the improvement.

Chart below shows it all – that jump is not a fat finger!

Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low People%20Not%20In%20Labor%20Force [2]

And Labor Force Participation:

Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low Participation%20Rate [3]

This is the largest absolute jump in ‘Persons Not In Labor Force’ on record…and biggest percentage jump in 30 years.

Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low 20120202 notinlabor 0 [4]

Chart: Bloomberg


 


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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/record-12-million-people-fall-out-labor-force-one-month-labor-force-participation-rate-tumbles-

[2] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/01/People%20Not%20In%20Labor%20Force.jpg

[3] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/01/Participation%20Rate.jpg

[4] Image: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2012/01/20120202_notinlabor.png

[5] Labor Force Participation Rate Drops To Fresh 25 Year Low, Adjusted Unemployment Rate At 11.7%: http://www.prisonplanet.com/labor-force-participation-rate-drops-to-fresh-25-year-low-adjusted-unemployment-rate-at-11-7.html

[6] People Not In Labor Force Soar By 663,000 To 90 Million, Labor Force Participation Rate At 1979 Levels: http://www.prisonplanet.com/people-not-in-labor-force-soar-by-663000-to-90-million-labor-force-participation-rate-at-1979-levels.html

[7] Persons Not In Labor Force Who Want Job Now Jumps To All Time Record; Real Unemployment Rate At 12.8%: http://www.prisonplanet.com/persons-not-in-labor-force-who-want-job-now-jumps-to-all-time-record-real-unemployment-rate-at-12-8.html

[8] Both Consumer Confidence And The Labor Participation Rate Are At A 30 Year Low … That’s Not A Coincidence: http://www.prisonplanet.com/both-consumer-confidence-and-the-labor-participation-rate-are-at-a-30-year-low-thats-not-a-coincidence.html

[9] Record 89,304,000 Americans ‘Not in Labor Force’ — 296,000 Fewer Employed Since January: http://www.prisonplanet.com/record-89304000-americans-not-in-labor-force-296000-fewer-employed-since-january.html

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