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‘More Than 100 Million Not in Labor Force for 14th Straight Month; No Job, Not Looking’

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Hiring

On Friday, the Labor Department’s Bureau of Labor Statistics announced something conservatives are not shocked by and liberals are in denial that their policies created. “100,450,000 people in this country were not in the labor force in October, up 38,000 from the 100,412,000 in September. This is the 14th straight month that this ‘not in the labor force’ number has remained above 100,000,000” reports CNS News.

1.3 million persons who are not in the labor force claim they were prevented from looking for work due to the coronavirus pandemic. The number is only down slightly from 1.6 million in September.

“The number of people not in the labor force reached a record high of 103,418,000 in April 2020, as the pandemic took hold; and the highest it’s been under President Joe Biden is 100,708,000 this past February.”

In October, the number of all people 16 and older who were not living in an institution such as a prison nursing home or long-term care facility, was 261,908,000. Of that number, 161,458,000 either had a job or were actively seeking a job during the last month.

“This resulted in a labor force participation rate of 61.6 percent in October, the same as September – and only 0.2 points higher than the 61.4 percent when Biden took office,” writes CNS News.

The Trump-era high of labor force participation reached 63.4 percent in January 2020, just before the global coronavirus pandemic began to rear its ugly head. Since June of 2020, the labor force participation rate has been unable to get past a range of 61.4 percent to61.7 percent since June 2020.

“The Congressional Budget Office has noted that a lower labor force participation rate is associated with lower gross domestic product and lower tax revenues. It is also associated with larger federal outlays, because people who are not in the labor force are more likely to enroll in federal benefit programs, including Social Security” reports CNS.

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2 Comments

2 Comments

  1. Jeff L

    November 6, 2021 at 7:37 pm

    nnouncing what he admits to knowing and chose to not just simply announce what he knew and ask for social distancing With the recommendation of masks. He chose to make a necessary inconvenience for the greater good and infringement to polarize and make a problem where there wasn’t one and tout himself the only one to save them from tyranny.He could have done it without mandate right then. Enacted the war powers act or whatever it is giving the President power to take a an industry temp over in time of national crisis. Told every lab in the nation to work 24/7 to come up with a uniform test and we wouldn’t have to be be reading articles like this right now. A lot more people would be alive and this nation would be in a lot better place. He fired the people recommending that to him. I called the CDC,NIH and the WH with the same recommendation. He admits this in the Woodward tapes. The inevitable was beginning to occur. Our global financial system is about to hit a liquidity tidal wave except it’s going to be in the form of a drought. It doesn’t matte who is in office. The wheels of this were set in motion on 1933. It’s just been a matter of time. The system of Centralized Banking and Debt based Fiat hasn’t worked for more than roughly + or – a 100 years for any society that’s employed it for 2 millennia.And it’s been incorporated several times Rome being a good example. So why don’t you do the world a real service and do a piece on the true cause of what’s First off just because that many people aren’t in the recognized work force doesn’t mean anything on it’s own. I can count at least a dozen people I know that have decided to go into business on their own. That is not reflected in the numbers you tout. Second off the benefits you reference pertaining to unemployment are not going up nationwide. They are declining last time I looked. The report for unemployment claims the 1st quarter of 2020 were going up and the GDP was beginning to drop. the Pandemic was saving grace for Trump.Not only did it hide what was about to happen and be made worse with him at the helm. He saw an opportunity to take things like a mask and instead of just ahappening right now and quit playing bullshit politics so that people can recognize it instead of stoking bullshit that will do nothing to address the true nature of the beast! You want something to tag them with? I’ve got a Pulitzer story for you! And everyone is afraid to touch it. I’m dead ass serious! You want it? Contact me at jefflawson@bellsouth.net.There was something in that infrastructure bill that is about to have several million declare war on every legislator and department head that are responsible for including it. If you have someone other than Trump or is a die hard Trump cult follower. They will benefit greatly from listening to us. The community has $3trilllion behind it. They are about to find out what Gensler, Clayton, Hinman and Lubin have recently discovered when you use a cowards tactics and attack those that are actually trying to help the world. All we asked for was to just listen to us and give us a level playing field. Now it’s our turn.

  2. BlueBoomerang

    November 7, 2021 at 10:55 am

    You pay people not to work then you declare a moratorium on rent, blame if all on COVID and you wonder why people don’t want to do anything? However, they voted Democrat, didn’t they? Whatever you subsidize dies. It’s been that why since LBJ’s Great Society Program in the mid 1960’s. He gave birth to the modern ‘welfare state’.

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Economy

Dow Jones Undergoes Losses Not Seen Since Peak Of Great Depression

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Joe Biden

As Americans brace for a likely recession within the next year, the stock market has undergone losses not seen in decades.

According to The Wall Street Journal, “The Dow industrials are headed toward their eighth straight weekly loss, their longest such streak since 1932, near the height of the Great Depression. The S&P 500 and Nasdaq are on course for their longest streak of weekly losses since 2001, after the dot-com bubble burst.”

Brian Levitt, global market strategist at Invesco, explained that the losses were over worries about a stagnating U.S. economy.

“It’s clear that in a very short period of time, we moved from a pandemic to an inflation scare to now, serious concerns about growth,” Levitt said.

Economists warn that the U.S. economy could face a recession next year, which is defined as having two consecutive quarters of negative GDP growth. Goldman Sachs’ economists estimate that there is a 35% probability of the U.S. entering a recession at some point within the next two years.

“Recession risks are high — uncomfortably high — and rising,” said Mark Zandi, chief economist at Moody’s Analytics. “For the economy to navigate through without suffering a downturn, we need some very deft policymaking from the Fed and a bit of luck.”

“This week alone, former Goldman Sachs chief executive Lloyd Blankfein warned of a ‘very, very high risk’ of recession; Wells Fargo CEO Charlie Scharf said there was ‘no question’ that the U.S. economy is heading toward a downturn; and former Fed chair Ben Bernanke cautioned that the country could be poised for ’stagflation’ — a slowing economy combined with high inflation,” The Washington Post reported.

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Economy

National Gas Prices Could Hit $6.20 Per Gallon By August

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Gas Prices

National gas prices could surge to well over $6 per gallon by the end of the summer, according to analysts at JPMorgan.

Natasha Kaneva, head of global oil and commodities research at JPMorgan, wrote in a research document that the United States was going to face a “cruel summer” as gas prices are expected to dwarf their already record highs.

“With expectations of strong driving demand — traditionally, the U.S. summer driving season starts on Memorial Day, which lands this year on May 30, and lasts until Labor Day in early September — U.S. retail price could surge another 37% by August to a $6.20/gallon national average,” she wrote.

“Typically, refiners produce more gasoline ahead of the summer road-trip season, building up inventories,” the analysts said. However, over the last month, “gasoline inventories have fallen counter seasonally and today sit at the lowest seasonal levels since 2019.”

The report comes the same week that the United States set a new record for gas prices with the average cost per gallon rising over $4 per gallon in all 50 states for the first time ever, according to a report from the American Automobile Association (AAA).

“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said AAA spokesperson Andrew Gross. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”

As explained in the report, “total domestic gasoline stocks decreased by 3.6 million bbl to 225 million bbl last week. Gasoline demand also decreased slightly from 8.86 million b/d to 8.7 million b/d. Typically, lower demand would put downward pressure on pump prices. However, crude prices remain volatile, and as they surge, pump prices follow suit. Pump prices will likely face upward pressure as oil prices stay above $105 per barrel.”

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