US labor force participation rate hits lowest level since 1978 – World Socialist Web Site

“The share of US working-age adults who are in the labor force fell to the lowest level in 36 years, according to the monthly jobs report published Friday by the Labor Department.

While the economy added an estimated 248,000 jobs and the official unemployment rate fell from 6.1 to 5.9 percent, these headline figures hide a more fundamental reality. Six years after the financial collapse of 2008, the labor market remains stagnant and an increasing portion of the population has simply given up hope of ever finding work.

The jobs report revealed that nearly 100,000 people dropped out of the labor force last month, while wages continued to decline. The total number of working-age people who are not in the labor force hit a new record: 92.5 million, up by more than two million since September of 2013.”

via US labor force participation rate hits lowest level since 1978 – World Socialist Web Site.

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