Unemployment versus Labor Force Participation

[benjamen]

With all the "great" unemployment numbers coming to in time for the election, I thought I would go look at a much better indicator of unemployment: Labor Force Participation. This is essentially what percent of Americans over the age of 16 are currently employed.

While things did get a little bit better than August (63.5%), only 63.6% of Americans (16+ years old) currently have a job. You have to back to the late seventies to early eighties to find numbers that low.

Source:
http://data.bls.gov/timeseries/LNS11300000

 

[DoChenRollingBearing]

"Methinks the lady doth protest too much." -- Shakespeare

That was I was thinking when I saw the softball throwers at CNBC this morning questioning Secretary of Labor Hilda Solis asking her if the new (relatively U3) low unemployment rate of 7.8% was, uhm, maybe a little politically convenient...

She really bristled at that! Their "professional civil servants" and all that...

Our "October Surprise"?

 

[Jay]

based on the fact that I got flamed on my wifes facebutt page when I doubted the general attitude that one or another of the political candidates was going to save us, my interpretation is that we are screwed. The lemmings are eating this $hit up.

 

[benjamen]

based on the fact that I got flamed on my wifes facebutt page when I doubted the general attitude that one or another of the political candidates was going to save us, my interpretation is that we are screwed. The lemmings are eating this $hit up.

Provide the lemmings with a few of those odd things called "facts"....
http://www.foxbusiness.com/government/2012/10/05/real-unemployment-rate/

"If the labor force participation rate had remained constant at the 67.5% level at the end of the recession (in June 2009), the unemployment rate would have been reported at around 11%. Count the underemployed, meaning part-timers wanting full time work, and the rate is 14.5%."

"Sept. 2012 civilian labor force 155.063 million
Sept. 2012 – people who want a job but not looking 6.727 million
Adjusted labor force 161.79 million

Employed in Sept (household survey) 142.974 million
Employed as % of adjusted labor force: (142.974 / 161.79) = 88.37%
Unemployed as % of adjusted labor force (100.00 – 89.27) = 11.63"

 

[Jay]

Benjamen, heres a pretty good read. I've been following the numbers for years now. Unfortunately, my wifes friends (the filipina army, I call them) are lost in American Idiot, Americas favorite Fattie, etc. They are (as are most of the people where I work), oblivious. I don't know a single person I run into in my daily travels who knows what fiat money means. Not one. Fortunately, my wife is on the same page, and unlike me is not concerned with others at all. She says just ignore tham. Were I so strong....

good read:
Jack Welch: I Was Right About That Strange Jobs Report :
http://online.wsj.com/article/SB100...8046260406091012.html?mod=WSJ_Opinion_LEADTop

 

[pmbug]

Dave in Denver has been ranting on the subject lately:

http://truthingold.blogspot.com/2012/10/theres-no-politics-like-deep-dish.html

http://truthingold.blogspot.com/2012/10/will-real-unemployment-rate-please-step.html

 

[ADK]

... While things did get a little bit better than August (63.5%), only 63.6% of Americans (16+ years old) currently have a job. ...

I'm also very curious what percentage of that 63.6 percent work directly for government or quasi-government agencies. I might be wrong, but I would venture to say that only 20-ish percent of Americans 16+ and older work for private companies.

Subtract out all local, state, and federal workers and those others supported directly by tax dollars such as teachers, etc.

I think that would be a fascinating number to dig up.

ADK

 

[benjamen]

I'm also very curious what percentage of that 63.6 percent work directly for government or quasi-government agencies. I might be wrong, but I would venture to say that only 20-ish percent of Americans 16+ and older work for private companies.

Subtract out all local, state, and federal workers and those others supported directly by tax dollars such as teachers, etc.

I think that would be a fascinating number to dig up.

ADK

2010 article listing the worse states in that area:
http://www.businessinsider.com/10-s...rcentage-of-people-work-for-uncle-sam-2010-6#

Playing with the BLS website and select federal, state, and local government employment you get about 22 million (roughly 15% of all employment) http://www.bls.gov/webapps/legacy/cesbtab1.htm

 

[ancona]

I have the government 'statistics' people on *ignore* and simply choose not to believe any of it anymore. There should be a disclaimer at teh bottom of each and every report:

*Warning* This information is published strictly for entertainment purposes and should not be relied upon as factual or used to guide your financial decisions.

 

[ADK]

2010 article listing the worse states in that area:
http://www.businessinsider.com/10-s...rcentage-of-people-work-for-uncle-sam-2010-6#

Playing the BLS website and select federal, state, and local government employment you get about 22 million (roughly 15% of all employment) http://www.bls.gov/webapps/legacy/cesbtab1.htm

That Business Insider link is great. Slide 11/12 shows that they included all direct and somewhat-indirect government employees. Exactly what I was curious about. Thanks!!

So, for instance in Wyoming, approx 44% of people 16+ work AND work for non-governmental employers.

It's a little higher percentage (44) than I though, but still scary.

Cheers for that info!

ADK