Today as part of his testimony to congress Federal Reserve Chairman Powell pointed out the shrinking labor participation rates in the USA of prime working age people over 20 years of age.Comparing 1999 to 2019 the rates of participation are as follows; Men over age 20 was 76.9% in 1999 now in 2019 it is 71.8%. Women over age 20 was 60..7% in 1999 now in 2019 it is 58.9%. Overall for both sexes was 68.5% in 1999 now in 2019 it is 65.1%. We have one of the lowest labor participation rates in the industrialized world particularly in light of the fact we have a record number of over 7 million jobs going unfilled right now. Chairman Powell sees income inequality as the biggest challenge of the next ten years.
Interesting, I would have guessed the rate for women would have increased in the last 20 years, and the rate for men would have decreased even more. Can you post a link to your source.
A lot of the unemployment (especially long-term unemployment) is hidden in that lower labor force participation rate. For example, there may be jobs available but it could be very difficult for certain segments of the population to do them, like older people who are a little bit slow and can't stay standing on their feet for several hours continuously. Or it might be that the pay is so low, and the conditions so unpleasant, that combined with the additional expenses and risks incurred by taking that job some people may decide it's not worth it. For an older person those risks are a big consideration. If it's a physically demanding job and paying $10 an hour, the risk of slipping and falling and incurring $70,000 in medical bills may not be worth it. A lot of jobs these days don't pay enough to live independently, so those workers may still be living with their parents, or relying on temporarily moving back in with their parents during emergencies when they can't afford to pay rent or require time to find affordable housing. If you look at a lot of immigrants, they pack lots of people together into a tiny overcrowded space like sardines. Like 10 people in a 2-bedroom apartment, or 30 people sleeping in a regular house. That's how they get by in these jobs.
Also, with the cost of childcare these days, a growing number of women are deciding working a minimum wage job is not worth it, and they're just deciding to stay home with the kids.
Usually "side hustles" like driving for Uber don't make a lot of money (especially after expenses). People may decide to do them even though they pay slightly less money than a minimum wage job because the alternative is less pleasant. In Third World countries usually the majority of the workers are working in the "informal economy" (i.e. what we'd call under the table).
If any of you are interested in this you should go read many of the threads in the Economics & Trade section. There's also a Labor & Employment section no one seems to ever visit.
Well here is something you can all be proud of. American and Canadian workers are supporting Mexican strikers. Apparently their Unions were being dishonest with them, telling the American's for instance that they had to accept certain condition or they would lose their jobs to the Mexicans - trying to put them against each other. Not working now!! but I understand this is not being widely reported. The bosses are panicking at the idea of workers power and telling the President of Mexico he has to get his people back to work. https://www.bloomberg.com/news/arti...s-call-on-amlo-to-intervene-in-border-strikes 16th Jan 2019 https://www.wsws.org/en/articles/2019/01/16/paro-j16.html
Your article on the Mexican and Canada strikes is dated January 16 yet it is the first and only time I have heard of it??Our news certainly has not covered this.
Yes, I heard about it yesterday on the Jimmy Dore show. He pointed out that it has now been going on for 6 weeks and the only mention seems to be that and one in the Guardian last week. Here you go
Now three times I have written a substantial reply and been cut off. I have no interest in it happening again. There is plenty of information for you to find. I have put it in again and again, though I accept with it being cut you did not see it. You can find it easier than me living in the UK I am sure. If all it takes for people in the US to believe it is an April Fool is for it not to be covered by Corporate Media, stop complaining, you are finished.
Nice to hear Chairman Powell mention the unaccounted for participants who are reentering the work force .
This one is interesting. Still looking for a graph with 2016-2018 in it because I suspect the LPR has gone back up in recent years.
Ayuh,..... It take time for the current economy to recover from the obama recession ya know,............
The primary villian of low labor particitation rates is the welfare system If able bodied adults can eat without working many will not work We need to reform welfare
Link for the data. Here is what I found: It seems the problem is in 16-24 year olds. They have gone from a 68.1% labor participation rate in January of 1999 to 55.1% in September of 2018. https://www.bls.gov/opub/ted/2018/l...ber-2018-little-changed-over-last-5-years.htm
