An even brighter spot in June's jobs report is that fewer Americans are giving up on the job search because they are discouraged by their prospects. Adam Belz notes the fine print.
The fine print of Thursday’s cheery U.S. jobs report revealed that the number of people who are not looking for a job because they don’t think they can find one has fallen by 351,000 in the past 12 months.
Those who aren’t actively looking for a job don’t count as unemployed in government labor statistics. As the unemployment rate has fallen, a common concern has been that the number misrepresents the reality of the job market, because the ranks of discouraged workers rose as high as 1.3 million in 2010. That figure has fallen to 676,000.
Thursday’s numbers, which show the ranks of discouraged workers falling by 21,000 in June and declining steadily over the past year, indicate that retirement — not a weak job market — is increasingly the biggest reason people are leaving the workforce.
Very good news indeed!
1 comment:
Retirement? That would be people that have enough money they don't have to work any more. We all know how you feel about people with excessive wealth!
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