Stocks fell Friday following lower-than-expected labor statistics for the month of September.
US stocks -1.6%, Aug Employ data show slower job growth while unemployment rate fell to 71/2 year lows uncertainty if Fed will raise rates.
— Jim Eng (@JECapital) September 4, 2015
Though the official unemployment rate remained unchanged at just north of five percent, many critics of the Bureau of Labor Statistics say that figure does not take into account the millions of Americans who have dropped out of the workforce altogether.
Now I know why Mr. Obama is praising the economy. The more people out of the workforce, the lower the unemployment rate. Pure warped genius. — Doc Jerry K (@Doc_JJK) October 2, 2015
One telling number included in the report addresses that growing segment of the population. While August set a record with roughly 94 million individuals older than 16 out of the labor force, that number grew to more than 94.6 million last month.
— See No Evil (@SEEN0EVIL) October 2, 2015
The nation’s workforce participation rate hit similarly distressing levels in September, marking the lowest percentage — 62.2 — of engaged Americans in nearly four decades. While the news is not good for the nearly 14 million Americans either unemployed or looking for work, it did not come as a surprise to many critics of the Obama administration.
Are you surprised so many Americans have dropped out of the workforce in the Obama economy? Share your thoughts in the comments section below.