US Unemployment Levels Boom

The booming non-labor force in the United States: Those not in the labor force surged by nearly 1,000,000. A large portion of added jobs were in low wage sectors.

from mybudget360
 

Any job is a good job for the headlines.  While one part of the BLS survey showed that US payrolls increased by 200,000 last month, another survey finds that nearly 1,000,000 Americans dropped out of the labor force.  That is right, a stunning 932,000 Americans simply dropped out of the labor force last month bringing our labor force participation rate to a new 35 year low.  More importantly, a large part of those200,000 added jobs were in the form of low wage retail and food sector jobs.  For the headlines anything is good news and the stock market continues to rally (even though most Americans don’t even own stocks because they are too broke once all bills are paid).  The drop in the labor force participation rate was not unforeseen but the current rate of growth is very troubling.  Of course, the Fed now “hints” at tapering but the evidence shows that the Fed is in soft default mode.  We have a boom in the non-labor force segment of our economy.


A whopping 91.5 million Americans are not in the labor force (close to one-third of the country):



















The big drop from last month of 932,000 is the largest one month drop ever recorded.  This new data plunged the employment population ratio down to a new 35 year low:




















Of course, the media is merely focused on the 200,000 jobs that were added.  What about the nearly 1,000,000 drop in the labor force participation rate?  Will these people maintain their consumption power without work?  It is unlikely they are independently wealthy given retirement figures.  To the contrary, these are broke households.  This all fits in line with a record number of Americans on means-tested programs like food stamps and disability.

More figures and information from link above.

Time for the abolition of wage slavery. Time to abolish the wages system completely. It's time for the socialist revolution.
JS