DCG posted: " CBS DC: Despite the unemployment rate plummeting, more
than 92 million Americans remain out of the labor force. The unemployment
rate dropped to 6.3 percent in April from 6.7 percent in March, the lowest
it has been since September 2008 when it was" Respond to this post by
replying above this line
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<http://fellowshipoftheminds.com/author/dcgere/> More Than 92 Million
Americans Remain Out Of Labor
Force<http://fellowshipoftheminds.com/2014/05/03/more-than-92-million-americans-remain-out-of-labor-force/>
by
DCG <http://fellowshipoftheminds.com/author/dcgere/>
[image:
hopeandchange3]<http://fellowshipofminds.files.wordpress.com/2014/01/hopeandchange3.jpg>
CBS
DC<http://washington.cbslocal.com/2014/05/02/report-more-than-92-million-americans-remain-out-of-labor-force/>:
Despite the unemployment rate plummeting, *more than 92 million Americans
remain out of the labor force*.
The unemployment rate dropped to 6.3 percent in April from 6.7 percent in
March, the lowest it has been since September 2008 when it was 6.1
percent. *The
sharp drop, though, occurred because the number of people working or
seeking work fell.* *The Bureau of Labor Statistics does not count people
not looking for a job as unemployed.*
The bureau noted that the civilian labor force dropped by 806,000 last
month, following an increase of 503,000 in March.
*The amount (not seasonally adjusted) of Americans not in the labor force
<http://www.bls.gov/news.release/pdf/empsit.pdf> in April rose to
92,594,000, almost 1 million more than the previous month.* In March,
91,630,000 Americans were not in the labor force, which includes an aging
population that is continuing to head into retirement.
“The labor force participation rate fell by 0.4 percentage point to 62.8
percent in April. The participation rate has shown no clear trend in recent
months and currently is the same as it was this past October. The
employment-population ratio showed no change over the month (58.9 percent)
and has changed little over the year,” the bureau said in a
statement<http://www.bls.gov/news.release/empsit.nr0.htm>
.
The number of unemployed Americans decreased by 733,000 to 9.8 million last
month.
“The number of long-term unemployed (those jobless for 27 weeks or more)
declined by 287,000 in April to 3.5 million; these individuals accounted
for 35.3 percent of the unemployed. Over the past 12 months, the number of
long-term unemployed has decreased by 908,000,” the press release stated.
Employers have now added an average of 238,000 jobs the past three months,
up from 167,000 in the previous three.
“Not only is job growth continuing, but it is accelerating,” said Patrick
O’Keefe, director of economic research at the accounting and consulting
firm CohnReznick.
Sal Guatieri, an economist at BMO Capital Markets, said the surge in
hiring *“signals
that American companies are optimistic the economy will snap back smartly
after the largely weather-related slump in the first quarter.”*
*The fall in the unemployment rate was due mainly to the exodus of people
who stopped looking for work.* O’Keefe said he was surprised by the 806,000
drop in the number of Americans either with a job or seeking one. But he
noted that that figure is volatile from month and month and that during the
first three months of 2014, nearly 1.3 million people had poured into the
labor force.
The White House posted on its
blog<http://www.whitehouse.gov/blog/2014/05/02/employment-situation-april>that
businesses have added more than 9.2 million jobs over the past 50
months.
“The employment data can fluctuate from month-to-month, and while this
month’s report happens to be above expectations, it is still broadly
consistent with the recent trends we have been seeing in the labor market,”
Jason Furman, chairman of President Barack Obama’s Council of Economic
Advisers, wrote on the White House blog. “The President continues to
emphasize that more can and should be done to support the recovery,
including acting on his own executive authority to expand economic
opportunity, as well as pushing Congress for additional investments in
infrastructure, education and research, an increase in the minimum wage,
and a reinstatement of extended unemployment insurance benefits.”
House Speaker John Boehner called the jobs report “troubling.”
“[W]hile it’s welcome news that more of our friends and neighbors found
work in the past month, *this report also indicates more than 800,000
Americans left the workforce last month, which is troubling*,” Boehner said
in a
statement<http://www.speaker.gov/press-release/speaker-boehner-april-2014-unemployment-report>.
“We need more robust economic growth if we’re going to help the millions
who remain unemployed get back on their feet.”
[image:
hopeandchange4]<http://fellowshipofminds.files.wordpress.com/2014/01/hopeandchange41.jpg>
DCG
*DCG <http://fellowshipoftheminds.com/author/dcgere/>* | May 3, 2014 at
4:00 am | Categories: Economy<http://fellowshipoftheminds.com/?cat=17656840>,
Obama's America <http://fellowshipoftheminds.com/?cat=12285619>, United
States <http://fellowshipoftheminds.com/?cat=5850> | URL:
http://wp.me/pKuKY-qn3
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