The August jobs numbers are out from the Bureau of Labor Statistics (BLS), and it’s more of the same: record numbers of people out of the labor force, a completely artificial (and tiny) dip in the unemployment rate, and a surge in part-time workers who’d rather be working full-time jobs.
BLS reported Friday that 94,031,000 Americans are not in the labor force and have given up looking for jobs — a record that, like previous recent records, is matched in the modern period only by the employment malaise of the 1970s.
The workforce participation rate — that is, the percentage of qualified Americans who are working — remained stagnant in August at 62.6 percent. As CNS News observed, that’s a 38-year low.
CNS also reports on the uptick in people who’ve settled for part-time jobs:
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) ticked up in August to 6,483,000, 158,000 more than the 6,325,000 recorded in July. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.
As expected anytime people give up looking for work and therefore can’t be counted (so the BLS says) among the “unemployed,” the national unemployment rate dropped from 5.2 percent in July to 5.1 percent in August. It’s a bogus figure because it doesn’t count all the people who aren’t even looking for work — all 94 million of them.
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