Sometimes things just don’t add up. How is it, that the unemployment rate in America is 5% yet 92 million Americans of working age are jobless.
An October jobs report, indicated 37% of the civilian population aged 16 and over — are neither employed nor unemployed, but fall in the category of “not in the labor force.” That is more than 92 million Americans That means they aren’t working now but haven’t looked for work recently enough to be counted as unemployed. This means people have either run out of benefits or given up on finding work all together.
Some potential reasonings might be; technology has eliminated jobs, jobs being sent overseas, retiring Baby Boomers are to blame, or perhaps the swelling ranks of laid-off workers who’ve grown uninterested about their re-employment prospects.
Another interesting point revealed in the jobs report, indicates that teens and young adults aren’t as interested in entering the work force as they used to be, a trend that predates the Great Recession.
According to the NCSL, the Unemployment rate remained steady at 5.0 percent for the third month in a row, according to the Bureau of Labor Statistics. That is the lowest unemployment rate since April 2008.
For a more in depth look at this report, head over to the Pew Research website for complete analysis.