August Sets A New Record For Labor Force

August Sets A New Record For Labor Force

Americans are used to setting records; however, achieving a peak in the rate of decreasing labor force participation is probably not a record most Americans would like to set. According to a recent article, the Bureau of Labor Statistics reported,“92,269,000 Americans 16 and older did not participate in the labor force in August.” The article notes this record “matched a 36-year low of 62.8 percent.” What does this mean? It means that 92,269,000 individuals did not participate in the workforce and did not actively seek a new job, the combination of which technically removes them from the category of “unemployed.”

While the administration continues to claim improvements in key dimensions of the economy, the growth in numbers of gainfully employed Americans does not provide much ground for boasting. Too many Americans continue to chase the American Dream and become disenchanted when the proverbial “pot of gold” at the end of the rainbow turns out to be nothing more than a pot of empty promises. Two key remedies are essential – incentives and opportunities to work. With both, Americans should once again be able to partake of the type of prosperity that is part and parcel of the American Dream.


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