Job seekers giving up: Labor force participation rate falls to lowest in 50 years, outside of Covid era
The labor force participation rate, which measures the working-age population of those either employed or looking for a job, fell to 61.5%, the lowest since March 2021, according to the Bureau of Labor Statistics.
Turns out the average retirement age is 62 in America and for most people the choice to retire is made for them. The average age would be higher here, but over half of all people are bounced from a job and are then unemployable, because as far as good jobs go, America has rampant age discrimination. Many others leave before their standard retirement age for health issues. Perhaps it comes as a shock to you to find out America ain't fair.
People are being pushed out of the job market as always. When you are pushed out you are no longer either employed or are you looking for a job. That is how your situation is defined. It is inaccurate as a description, but that is how it goes. This govmint definition makes shit smell real good. The definition of who is looking for work is a careful construct, and the linchpin of this deception.
June's drop in the unemployment rate was because of an exodus of workers from the labor force.
Exodus substitutes for getting the boot here. Think about it. Prices are high, this is not a time where there would be an 'EXODUS' of workers. Seriously, this is a time when many who are still employed wonder if they will ever see the promised land. Certainly not a good time to leave a modicum of security for an uncertain future. This is a time when, if you have a good thing going, you don't fucking give it up.
Is more like it.
The headline unemployment rate "dropped" slightly to 4.2%, but it didn't drop because people found jobs. The economy only added 57,000 jobs, below what was expected for the month. The reality is 507,000 people vanished from the labor force in one month, and that is why the participation rate fell to 61.5%.
Another round of musical chairs.
* And even after learning that over half of people leave work before their planned departure, your social conditioning still tells you they are 'lazy.' Or you will deny the fact. Social conditioning is very strong.