So I keep seeing posts (and sound bites in short cool graphics) about how the economy has improved, stating unemployment is down and that the decrease in the Employment Participation Rate was because of increased Retirees (Baby Boomers.) Did some calculations and found we have 11.6 million Americans [Yep…11.6 MILLION] that have either dropped out or cant enter the employment market. Some source data below (pulled from Social Security page, US Labor Page and US Census Page.) In 2009, those who were Retired made up 11.4% of the US Population, with Unemployment being 7.8% of the US Population, and the Employee Participation Rate being 65.7% of the US Population. In 2014, those who were Retired made up 12.9% of the US Population, with Unemployment being 6.1% of the US Population, an d the Employee Participation Rate being 62.8% of the US Population. That means, that from Jan 2009 to Aug 2014 those who were no longer participating in the job market went from 15.1% to 18.2% of the US Population, or more precisely 11.6 Million Americans have stopped looking for work. The Unemployment Rate only shows those still actively looking for work. I normalized the numbers because most people say the drop in participation is based on Baby Boomers retiring but dont take into account people joining. Jan 2009 Retirees: 34,852,361 (11.4%) Participation: 201, 547,890 (65.7%) Unemployment: 23,928,060 (7.8%) Non-Part: 46,441,689 (15.1%) US Pop: 306,770,000 Aug 2014 Retirees: 40,999,119 (12.9%) Participation: 200,151,764 (62.8%) Unemployment: 19,441,493 (6.1%) Non-Part: 58,120,624 (15.1%) US Pop: 318,713,000
Posted on: Thu, 11 Sep 2014 18:28:25 +0000
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