I can't see his charts - probably blocked by Websense but in any case this is simply not true. The labor participation rate hasn't been lower in decades. There is a huge change going on in the economy right now. This is all people in the workforce 16 and older.noxiousdog wrote:According to Isg's chart, nearly 85% of people are fully employed. That's a good start.malchior wrote: What leads to you assume that? Job growth / GDP growth in general has been below the norm. This has been the longest jobs recession since the Great Depression. We still don't have as many jobs as before the bubble. Population has been growing so just on the average there is likely less opportunity.
Maybe it is baby boomers retiring (55-64 shown here)?
Nope - surprising - their participation rate has been the highest we've seen in decades. Let's look at 25-54.
and 20 - 24
and 16 - 19
Seems like there are a whole lot less people working than ever before. The data is right there. Less people working means less jobs period. Despite the U-3 and U-6 tracking down - they are tracking down because large portions of the workforce have given up. I guess they could all be Mitt Romney's 'takers' but my bet is on something else going on. I'm not even saying I'd advocate for change until we truly understand what is going on -- in spirit of 'We shouldn't do things just to look like we are doing something' - but there are a lot of hints that something is very far off track despite what our individual experiences are.
Here is a parting graph that always brings it home to me.
That is the number of men 25-54 in the labor force.
And it isn't just because women are displacing men either though lower education attainment correlates pretty highly with the number of men leaving the workforce. Here are women 25 - 54 over the same time.
*Edit: Fixed graph links