Many in the U.S. have given up their job search
Bureau says that there are 90,473,000 not in the work force
Many were quick to point out the bitter irony of this past Labor Day - record numbers of Americans, fed up with the bad economy, have simply stopped looking for work. According to the Bureau of Labor Statistics, the number of Americans 16 years or older not participating in the nation's labor force has pushed past 90,000,000 for the first time ever.
The Bureau of Labor Statistics counts a job participant in the labor force if they are 16 years or older and have either have a job or have actively sought a job in the last four weeks.
According to BLS, 89,957,000 Americans in July were non-participants. In August, that climbed to 90,473,000, a one month increase of 516,000.
When President Barack Obama took office in January of 2009, there were 80,507,000 Americans not in the labor force. Therefore, the number of Americans not in the labor force has increased by 9,966,000 during Obama's presidency.
A reason for this increase in the number Americans not participating in the labor force is due to the Baby Boomers reaching retirement age that have decided to stop working. These figures are not being replaced by an equal number of younger people reaching age 16 and thus becoming part of the BLS labor force population.
It must be stated that the overall percentage of the non-institutionalized population over the age of 16, that is working or seeking to work in the United States, which the bureau calls the employment-population ratio, has declined significantly in recent years.
From July to August, it dropped from 58.7 percent to 58.6 percent. In January 2009, when President Barack Obama took office, it was 60.6 percent. It reached an historical peak in April 2000, when it was 64.7 percent.
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