Posted on 06/05/2010 8:12:22 AM PDT by blam
The Other Scary Jobs Chart: The Mass Exodus From The Workforce
Joe Weisenthal
Jun. 5, 2010, 9:13 AM
Friday's jobs report was pretty rough, but actually the unemployment rate dipped to 9.7%. That's because, despite the lack of private sector hiring, a large swath of jobseekers decided to, for whatever reason, quit the workforce.
As Annaly Capital Management (via PragCap) notes, the civilian labor force fell by 322,000 May.
The spike up in the total flow from those "unemployed" to "not in the labor force" follow what looked like a couple of months worth of the reverse: people moving on net from not in the labor force to the unemployed, looking segment.
What it looks like is that a lot of frustrated workers were sold on the idea that there was some kind of recovery underway, and then realized they'd been lied to.
Image: Annaly Capital Management
[snip]
(Excerpt) Read more at businessinsider.com ...
Notice that on this chart
like on ALL others
Everything started to turn to shite
just
When
Obama cinched the Dem nomination.
Good going Dems
Ya got what you wanted !!!!!!!!!!!!!!!!!!!!!!!!!!!!
I just don’t understand this. If you decide to leave the “work force” and just quit looking for a job, how do you live? You have to at least pay rent and eat. Does that mean all of these people are living in tents and eating polk salad?
Atlas is shrugging and it will probably trigger a building boom in Galt’s Gulch.
would like to see the age group of this exodus...bet many took early retirement...
Or move back in with their parents.
Those 'Food Stamp' cards by as much good food from the grocery store as our dollars do, and I believe they are even exempt from sales tax. Combine that with doing a few odd jobs for cash, and you got yourself a pretty good scheme going.
*shrug*
At some point this summer, those 500,000+ census workers will lose their jobs driving up the unemployment rolls just in time for the mid-term elections.
There’s a lot of incentive to go on the dole.
I know someone in their late 30s who has done just that. Sad.
Did they actually "quit the workforce", or did their unemployment benefits just run out (I didn't quit the workforce, the workforce quit me)?
Yeah. For some reason I can’t quite qualify...
What we'll never know is how many go underground - work off the books for cash. Payroll taxes go up for workers and employers face a mountain of paperwork, mandated health care, the resurgence of unionism. Temp help for cash might be the only way to turn a profit anymore, and the only jobs available.
As part of the economy goes Galt, taxes increase for those who can't escape from the "official" economy. How can you have a recovery under those conditions?
It's sad that the only way to live is to hide from the gov't.
In my case (early 50's), I've been living off savings for over two years.
My neighbor on one side (also mid-50's) took the option of an early pension from a local government department a few years ago. The neighbor on the other side (mid-50's) is collecting disability.
My brother coasted on unemployment for awhile until he and his wife could collect social security. Technically, he was looking for work while collecting unemployment, but he was effectively making sure he wasn't going to get hired for a job. He was fascinated that they kept extending the unemployment benefits every time just when they were going to run out, so he was collecting unemployment and social security at the same time.
My son makes a few bucks buying and selling stocks.
One woman I worked with took over taking care of her grandchildren after she was laid off. Some of the others that I worked with are collecting unemployment and not looking too hard for work.
Not sure what the story is on all the other people I'm seeing that aren't going in to a job every day, but I'm observing that there are a bunch of us. A lot of people have gone from being two-income families to living off one income. One thing you find is that you don't need as much money if you aren't working just to buy a bigger pile of STUFF.
Pretty much. Or we work for cash and live off savings and go galt.
That is just government bullshit, NO ONE is “Quitting” the work force, they just claim that is the case to falsify their numbers every month.
Govt bureaucrat #1: “How many imaginary # of people do we need to leave the workforce this month?”
Govt. bureaucrat #2: “Just plug in the number that keeps the reported unemployment rate below 10%, now let’s hit the links.”
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