Labor Participation Rate Drops To Fresh 38 Year Low; Record 92.9 Million Americans Not In Labor Force
Another month, another attempt by the BLS to mask the collapse in the US labor force with a goalseeked seasonally-adjusted surge in waiter, bartender and other low-paying jobs. Case in point: after a modest rebound by 0.1% in November, the labor participation rate just slid once more, dropping to 62.7%, or the lowest print since December 1977. This happened because the number of Americans not in the labor forced soared by 451,000 in December, far outpacing the 111,000 jobs added according to the Household Survey, and is the primary reason why the number of uenmployed Americans dropped by 383,000.
And another chart that will not be mentioned anywhere: the Civilian Employment to Population Ratio: at 59.2%, it is now unchanged for 4 months in a row.
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It is interesting to note that the wage numbers didn't spike up showing the increase in jobs the market hemmed and hawed about was full time workers getting replaced by more part time workers, probably to save on cost not increase. If you get a number for full time workers and subtract out part timers you will see why people are saying the US never recovered, which is quite telling, especially given the amount of money thrown at special interests and spent in government to get the economy better.
In fact, if you strip out government jobs you will see why people like me are saying capitalism is on the brink of getting wiped out by central bank/gov planning and socialism. The real economy has been in reverse for years now with the facts obscured by feeding frenzies through government and central bank actions to feed their specific clientele and mask the real damage like the housing market socialized through fannie and Freddie.