- Nov 18, 2009
- Reaction score
McKinsey has been predicting that US productivity will intercept Chinese wages in 2015 for years. So, I thought I would solicit SWAGs as to the trade off in jobs.
The labor force participation rate, which is the percentage of the civilian non-institutional population who participated in the labor force by either having a job during the month or actively seeking one, hit a record low in April 2014 of 79.8%. In January 1982, when the data were first collected, the labor force participation rate for this group was 80.7%.
The actual number of Americans, ages 25 to 29, not participating in the labor force hit a record high in April 2014 as well, with 4,280,000 not working. Those classified as not in the labor force means that they are included in the civilian non-institutional population but did not have a job, and they did not actively seek one in the last four weeks. When the BLS started tracking these data in January 1982, there were 3,851,000 Americans, ages 25 to 29, who were not in the labor force.
By April 2014, another 429,000 were not participating in the labor force, an increase of 11%. When Barack Obama took office as president in January 2009, the number of Americans 25 to 29 not in the labor force was 3,769,000. Since then, that number has gone up by 511,000, an increase of 13.6%.
Labor Force Participation Rate for 25-29 Year Olds Hits Record Low | CNS News