Something I had suspected, but this is the first report I have seen claiming that the US work force is shrinking dramatically.
About 1.7 million Americans opted out of the workforce from July through December, representing a 1.1 percent drop that marks the biggest six-month decrease since 1961, the Labor Department report showed. The share of the population in the labor force last month fell to the lowest level in 24 years.
The so-called underemployment rate — which includes part- time workers who’d prefer a full-time position and people who want work but have given up looking — rose to 17.3 percent in December from 17.2 percent.
In an ideal world this is not a terrible situation. Discouraged workers might be returning to school or preparing to work for themselves. Of course there are also going to be incentives for work in the black market, including criminal activity.
The participation rate–the percent of population in the workforce–has fallen to 64.6% in the US. That is the lowest rate in 25 years, but I think pretty high for the developed world.
(Don’t forget to visit alphainventions.com)