U.S. labor force participation drops to 50-year low as job seekers give up searching
By
Jeff Cox
Summary
The article reports on a troubling decline in the U.S. labor force participation rate, which fell to its lowest level in 50 years outside of the Covid era. In June alone, the labor force shrank by 720,000 people, while those classified as "not in the labor force" surged by 832,000. Although the unemployment rate dropped and 57,000 jobs were added, the positive headline numbers mask a deeper problem: unemployed workers are simply giving up on searching for work, distorting the true health of the labor market.
Source
Hacker NewsU.S. labor force participation drops to 50-year low as job seekers give up searchingcnbc.comKey quotes
· 3 pulledWithin the bureau's household survey, where the participation numbers are drawn, is a story of a consistently contracting labor force potentially driven by unemployed workers simply giving up.
In June alone, the labor force, a measure of those either employed or not employed and looking for work, plummeted by 720,000.
the rolls of those counted as not in the labor force, a group that includes the unemployed and those not looking for work, jumped by 832,000.
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