Whats happening is that workers arent entering the labor force at the same rates they used to. Thats especially true for women, who are much less likely to enter the labor force today than they were in 2002 and 2003. Many are deciding to stay at home to raise the kids or enrolling in school instead. Therefore, a decline in labor force participation rates (LFPR) produces a lower rate for the unemployed. With LFPR the same as it was in 1978, there needs to be a massive stimulus to employ the nearly 40 million Americans seeking full time work with benefits. This Administration and Congress are pleased to give corporate America low wage, skilled and educated workers competing for low wage jobs which increases profit margins as wages are driven down. Progressives should be screaming at Obama from every media venue to propose, for workers and the Middle class, what he approved for banks, A(n) (Lender) Employer of Last Resort Program since massive unemployment cannot be resolved without government intervention. Alternate Unemployment Charts shadowstats/alternate_data/unemploy... You will see that the seasonally-adjusted Shadow Government Statistics Alternate Unemployment Rate (SGS) (23.5%) reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were DEFINED OUT of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers. The BLS- U-3 unemployment rate (7.2%) is the monthly headline number. The U-6 unemployment rate (14.8%) is the Bureau of Labor Statistics’ (BLS) BROADEST unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment. Approximately 42 million Americans are unemployed, under employed, short term discouraged, or no longer looking for full time employment. Moreover, because labor force participation is the same today as it was in 1978...63.2% the real BLS U6 rate should be around 19%. Between July & August, 312,000 people dropped out of the labor force. But because the official unemployment rate counts only those workers who are actively seeking work, the unemployment rate fell.
Posted on: Tue, 22 Oct 2013 14:49:35 +0000
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