The FedGov released its unemployment propaganda for July 2013 this week showing a 0.1% drop in the unemployment rate. Our friends at ZeroHedge said, “So much for the trends of beats: July non-farm payrolls +162K missing expectations of 185K; June was revised lower to 188K and the unemployment rate dips from 7.5% to 7.4%. The rate dropped because the civilian labor force declined from 155,835 to 155,798 or 37K, driven by an increase of people not in labor force to 89,957 – just shy of the all time high. This also means that the labor force participation rate once again ticked down to 63.4% from 63.5%.”
FedGov and ZeroHedge calculations still don’t really show the true picture of employment in America. They don’t answer this question:
Ignoring all demographics, who is in the wagon versus who is pulling the wagon?
How many people are working as a percent of all the people in the United States? Once again, that number reversed its trend:
At the end of Clinton’s administration, over 50% of the population in America were in the labor force! That number stayed mostly the same and then increased through through the early parts of 2007. That percentage has decreased since the beginning of 2007 and is now down by nearly 2%. You’re welcome to comment below as to what happened in early 2007 to turn the trend around.
In today’s numbers, that’s a reduction of almost 6,000,000 jobs.
.Below is the percentage of change from month-to-month
Labor Force Data from bls.gov:
Population Estimate from census.gov
Things won’t get better in this country until millions more people are pulling the wagon!