Ah, the welfare, the free disability checks IF YOU ARE BROWN. The free rides for kids who pretend to mumble and get their parents another 800 bucks a month, ah the diaper man and the octamom’s kid with the lisp. It’s all payola free money from the working chumps to the new slacker democrat class. It is one step from soviet socialism except the payments are far too good.
a quick look at the participation rate metrics showed that in October there was a sharp decline, with the labor force part. rate sliding from 63.1% to 62.7%, back to 4 decade lows…
… driven by one disturbing metric: the number of people who exited the labor force soared by a near record 968,000 in October – the third highest on record – pushing the total number of people not in the labor force to a record 95.385 million, as the civlian labor force shrunk by whopping 765,000 in one month.
This took place as the number of employed Americans declined by 484,000, however since the unemployment rate denominator dropped more, it translated into an actual decline in the unemployment rate!
So much for economist hopes that potential workers from the fringes are coming back to the labor force. Of course, the implication is even worse: with more slack being created in the form of workers who are leaving, not entering, the labor force, this creates a buffer for wage growth, and suggests that any hope for rapidly rising wages has once again been derailed.