US employment crisis, Lowest labor force participation rate in over 3 decades, 55 and older staying in labor force, 16 to 19 rates plunge, 18 to 34 olds double digit unemployment rates

US employment crisis, Lowest labor force participation rate in over 3 decades, 55 and older staying in labor force, 16 to 19 rates plunge, 18 to 34 olds double digit unemployment rates

“People 55 to 64 years old, the first forget-about-retirement generation, are staying in the labor force to an ever greater degree. In 1992, only 56.2% were still in the labor force, in 2012, 64.5% were. Similar for older folks. The participation rate for people 65 to 74 years old jumped from 16.3% to 26.8%. Reality is this: fewer people can afford to retire.”…Zero Hedge January 8, 2014

“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

Readers of Citizen Wells are aware of the true employment picture in the US.

Here is a revealing article from Zero Hedge January 8, 2014.

“This Chart Is A True Representation Of The Employment Crisis In This Country”

“The civilian labor force in the US has been causing bouts of hand-wringing and head-scratching. It represents the official number of people working or looking for work. It’s what the officialunemployment rate (U-3) is based on. If labor force participation drops – if for whatever reason, millions of people are no longer counted as part of the labor force, as is the case in the US – it’s a troublesome indicator for the economy and the real employment picture.

It also makes the unemployment rate, now 7.3%, look a lot less awful: if you’re not counted in the labor force, and you don’t have a job, you’re not counted as unemployed. There are millions of people in that category. And their numbers are growing, not diminishing.

“The irony of the U-3 unemployment statistic is the fact that while unemployment has gone down 30% since its 2009 peak, we have the lowest labor force participation rate in over 3 decades,” observed Ralph Dillon, Vice President at Global Financial Data, in an email. “The markets and politicians celebrate the official unemployment rate, but you have to be concerned with the trend that is most indicative of the health of the employment situation in this country: the downward trend of those who want to work and can’t.””

“The chart (Global Financial Data) juxtaposes the unemployment rate and the labor force participation rate since 1980. After the financial crisis, suddenly, for the first time in history, they both started moving in lockstep. Downward.

““This chart is a true representation of the crisis of employment in this country,” Dillon wrote. The diminishing labor force participation rate – the officially available labor pool, however unrealistic it might be – has been driving down the unemployment rate for the first time in history.”

People 55 to 64 years old, the first forget-about-retirement generation, are staying in the labor force to an ever greater degree. In 1992, only 56.2% were still in the labor force, in 2012, 64.5% were. Similar for older folks. The participation rate for people 65 to 74 years old jumped from 16.3% to 26.8%. Reality is this: fewer people can afford to retire.

But who is not making it into the labor force? Young folks. The participation rate for those 16 to 19 has plunged from 51.3% in 1992 to 34.3% in 2012. OK, the BLS explains that by an increase in school attendance, and that would be a good thing. But the 25 to 54 year olds? Even among them, participation rates dropped from 83.3% in 2002 to 81.4% a decade later.

Among the 18 to 34 year old “Millennials,” those lucky ones who’re official counted in the labor force, unemployment has been a nightmare, with double digit unemployment rates, still, nearly 6 years after the financial crisis, reported the youth advocacy group Young Invincibles. It’s even worse for the 16 to 24 year olds, whose official unemployment rate is still 15%!”

Read more:

http://www.zerohedge.com/contributed/2014-01-08/%E2%80%9C-chart-true-representation-employment-crisis-country%E2%80%9D

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14 responses to “US employment crisis, Lowest labor force participation rate in over 3 decades, 55 and older staying in labor force, 16 to 19 rates plunge, 18 to 34 olds double digit unemployment rates

  1. citizenwells

    “What happens when jobless benefits are cut? North Carolina may offer clues”

    http://blogs.marketwatch.com/capitolreport/2014/01/08/what-happens-when-jobless-benefits-are-cut-north-carolina-may-offer-clues/?mod=MW_home_latest_news

    You were given the answer here.
    More to come.

  2. It isn’t really hard to figure out. The more US business is suppressed with government harrassment, the less they will produce, the less they produce the greater is the number of unemployed people. The greater the number of unemployed the bigger the Government gets. The bigger the government gets, the greater is the number of people who are either receiving unemployment, or welfare,or both.

  3. Magpul was until recently a weapons magazine producer headquartered in Colorado. Colorado has seen fit to continue to harrass the company. Now there are nearly 300 more people receiving food stamps. It becomes a vicious circle.

  4. The financial recovery of the US is precarious at best. The lunatic left think the country is doing fine. As I have said so many times in the past….the liberal loonies think UP is down. Their twisted minds are incapable of sound reasoning.

  5. Unfortunately there are so many people who receive as much unemployment, that they no longer have the incentive to look for a job….simply because they might be forced to work for less than they receive on welfare,or unemployment. People who were members of labor unions usually get union unemployment as well. Why work when you can receive more while laid off than while employed. I tend to agree with the cutting of benefits, by at least one third.

  6. 1400% Radiation Hot Spot Found on San Francisco Beach…

    http://www.infowars.com/1400-radiation-hot-spot-found-on-san-francisco-beach/

  7. Holder Picks Devout Obama Supporter To Lead Criminal Probe of IRS Tea Party Targeting…

    WASHINGTON — The Justice Department put an avowed political supporter of President Obama in charge of the criminal probe into the IRS’s targeting of tea party groups, according to top Republicans who said Wednesday that the move has ruined the entire investigation.

    House Oversight Committee Chairman Darrell Issa and subcommittee Chairman Jim Jordan said they’ve discovered the head of the probe is Barbara Kay Bosserman, a trial lawyer in the Justice Department who donated more than $6,000 to Mr. Obama’s 2008 and 2012 campaigns, as well as several hundred dollars to the national Democratic Party.

    “The department has created a startling conflict of interest,” House Oversight Committee Chairman Darrell Issa and subcommittee Chairman Jim Jordan said in a letter, reviewed by The Washington Times, which was sent Wednesday. “It is unbelievable that the department would choose such an individual to examine the federal government’s systematic targeting and harassment of organizations opposed to the president’s policies.”

    The IRS’s internal auditor revealed last May that the agency had been inappropriately targeting and blocking applications for tax-exempt status from tea party and conservative-leaning groups, and in the immediate aftermath Mr. Obama promised the FBI and Justice Department would investigate whether the IRS broke any laws. read more…..

    http://www.washingtontimes.com/news/2014/jan/8/feds-pick-obama-supporter-lead-irs-tea-party-probe/

  8. This is a must read, about a possible war against the usurper.
    ***********************
    Would You Prefer a Civil War or World War Three?

    http://giveusliberty1776.blogspot.com/2014/01/the-coming-conflict-will-not-have-good.html

    This is part of what is written in eight chapters.This is chapter seven, of eight.

    Obama Is Not Just Facing An Armed Rebellion From the Military

    Fourteen state governors have reestablished State Defense Forces which includes any and all militias and the national guard. The authority over these troops does not rest with the President and he is furious. Obviously, these 14 governors are talking and planning amongst each other because their actions are so uniform and have happened in such a narrow time frame, that their actions are clearly an act of insubordination to Obama. In 14 states, the 10th Amendment still has life. These actions by the 14 governors are one short step away from armed rebellion. I am confident that any and all attempts on the part of the Hessian troops on American soil to move against dissident Americans and to enforce martial law will be militarily opposed in these 14 states. When will 14 governors militarily opposed to Obama become 30, become 40? I cannot overstate how significant this development is. We are “One shot heard around the world” from all hell breaking lose.

  9. Observer | January 8, 2014 at 10:00 pm |

    Holder Picks Devout Obama Supporter To Lead Criminal Probe of IRS Tea Party Targeting…
    ************************
    This is the usurper spitting in our eye.

  10. CW, Did you see where Macy’s is going to layoff 2,500 people? They say its because of reorgantion.

  11. citizenwells

    Trudy.
    Yes.

  12. >>Bob Strauss Observer | January 8, 2014 at 10:00 pm |
    Holder Picks Devout Obama Supporter To Lead Criminal Probe of IRS Tea Party Targeting…
    ************************
    This is the usurper spitting in our eye.<<

    Total Criminal Government, Chicago style. When you sleep at night just remember that the individuals whom will remove power from these people will be twice as dirty, corrupt, and unconstitutional. When Obama leaves office, we won't be left with just a destroyed economy and world wide enemies. We will be left without a working Constitutional government, no matter how it ends he has left precedence of corruption and it's tolerance by Congress.

    Pete

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