Another new low for the Spite House as a record 91,800,000 American Adults of working wage are not participating in the labor force.
People Not In Labor Force Soar To Record 91.8 Million; Participation Rate Plunges To 1978 Levels
By “Tyler Durden” ZeroHedge
Curious why despite the huge miss in payrolls the unemployment rate tumbled from 7.0% to 6.7%? The reason is because in December the civilian labor force did what it usually does in the New Normal: it dropped from 155.3 million to 154.9 million, which means the labor participation rate just dropped to a fresh 35 year low, hitting levels not seen since 1978, at 62.8% down from 63.0%.
And the piece de resistance: Americans not in the labor force exploded higher by 535,000 to a new all time high 91.8 million.
The jobless, laborless recovery continues to steam on.
And it, like all the other products of the POR economy, remains a steaming pile of excrement.