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932,000 AMERICANS DROP OUT OF LABOUR FORCE, 623,000 FULL TIME JOBS LOST JUST LAST MONTH
Mort Amsel
Nov. 8, 2013
First, the labor force participation rate, which plunged from 63.2% to 62.8% - the lowest since 1978! But more importantly, the number of people not in the labor force exploded by nearly 1 million, or 932,000 to be exact, in just the month of October, to a record 91.5 million Americans! This was the third highest monthly increase in people falling out of the labor force in US history.
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127,000 part-time were also lost. So I wonder, how low will the unemployment rate dop this month? What a farce. a third of the population of the US is not woring, out of the labour force (33% roughly) and yet our unemployment rate is only 7.3%, up 0.1% from last month. Somebody for sure is cooking the books. Thats simple math and it does not add up. -Mort