The Bureau of Labor Statistics’ June jobs report reveals a historically low level of participation in the U.S. labor force, with a smaller percentage of Americans seeking work than at any time since 1977.
BLS numbers show that 93,626,000 people had dropped out of the labor force in June, with 157,037,000 participating. That yields a participation rate of 62.6 percent — the lowest it’s been since October 1977, when the rate hit 62.4 percent.
Those figures accompany the BLS’s revelation that the unemployment rate fell to 5.3 percent and that 223,000 jobs were added to U.S. payrolls in June. The falling unemployment rate continues a recent trend in which statistics for unemployment and non-participation in the labor force share an inverse relationship.
The 157,037,000 people counted as participants in the labor force consist of 148,739,000 who actually hold jobs, along with another 8,299,000 who don’t have jobs but are actively looking. That means the 5.3 percent unemployment rate reflects those 8,299,000 who are actively seeking work, while discounting altogether the 93,626,000 who aren’t.
In June, 432,000 people dropped out of the labor force.
“In the last decade, an average 1.35 million workers have entered the labor force every June on a not seasonally adjusted basis,” Bloomberg observed in an analysis of the June numbers. “This year, the gain was 564,000. That translates into a decline for the seasonally adjusted data, since the monthly increase was much less than it usually is.”
Additionally, BLS revised its initially optimistic jobs numbers for previous months downward, revealing a shortfall of 60,000 job gains that had initially been reported for the months of April and May.
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