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Non-working America soars by 640,000 in one month
93.6 million not in the labor force Americans up 11 million since 2010.
from MyBudget360.com:
It is hard to believe that one out of every three Americans is financially supporting the other two-thirds. The unemployment rate appears much lower than it is because of the odd math behind the labor force. The latest unemployment rate of 5.3 percent sounds great until you realize that last month 640,000 Americans were plopped into the not in the labor force category. 223,000 jobs were added but 640,000 Americans dropped out of the labor force. Take the back of the napkin calculation that 10,000 Americans a day are hitting retirement age (that is roughly 300,000 per month). Assuming all of these older Americans had the means to retire (not likely according to older Americans working) this means 340,000 Americans of working age fell out of the workforce for other reasons than age. Something is going on behind the headline figures and it seems like more people are waking up to the funny math when it comes to employment.
