The number of Americans whom the U.S. Department of Labor counted as “not in the civilian labor force” in August hit a record high of 88,921,000.
The Labor Department counts a person as not in the civilian labor force if they are at least 16 years old, are not in the military or an institution such as a prison, mental hospital or nursing home, and have not actively looked for a job in the last four weeks. The department counts a person as in “the civilian labor force” if they are at least 16, are not in the military or an institution such as a prison, mental hospital or nursing home, and either do have a job or have actively looked for one in the last four weeks.
In July, there were 155,013,000 in the U.S. civilian labor force. In August that dropped to 154,645,000—meaning that on net 368,000 people simply dropped out of the labor force last month and did not even look for a job.
No one in their right minds can possibly be talking about the US economy as being in a state of recovery right now...They sound like retards when they do!!!!!
And the coming of the Q-E3, as the Fed's response to this nightmare, is simply going to cause inflation to skyrocket, and eat holes in the savings of all who were admonished to save, and did so dutifully.
The following user says Thank You to Victory Trader for this post:
After disastrous US job report, QE3 expected next week
The percentage of able-bodied Americans searching for jobs has hit a 30-year-low, and Wall Street now expects the US Federal Reserve to announce a new round of quantitative easing as early as next week
Thanks VT. What also doesn't make sense is that the media keeps saying it's "small business" that is needed to make new jobs, "small business" that is the job creation "engine" of America. We keep hearing that repeated over and over in the media.
Maybe that made more sense in the second half of the 20th century where one job could support a family especially during the "Golden Age of America" during the time post WWII and before the Vietnam War. Mom and pop shops and bookstores were everywhere. You could have a hot dog stand without a boatload of regulations or limitations. But then after the dollar was taken off the gold standard things started to slide.
Today they keep saying "small business" needs to come back to make jobs. What about the big money, "big business" some which acquired and took over many medium and smaller businesses on their way up, the money not lended from the banks(ters) that were bailed out with two TARPs? The investment banks and big multinational global coporations, i.e. corporatism show no loyalty to the homeland and have offshored almost all the manufacturing along with decent paying jobs. Now they are making record profits as reported in Wall St. So many jobs could be created from those profits yet it's invested elsewhere whether it's buying gold reserves or setting up more offshored production and employment. The small businesses left in the U.S. thanks to QE and rising costs of living find it hard to pay over a living wage. Retail stores and restaurants have never looked better thanks to technology and some global business (McDonalds, KFC, etc. plenty in Asia now for the oily fried addiction spreading worldwide haha), but it's all service sector which means only low wage always. And corporatism seems to control government with their big money and support of candidates. What they call "crony capitalism". Then you have unions and union money but that's part of the government machine itself with union supported elected officials doing the union's bidding. ex: Gov Brown of CA and many of the assemblymen.
Construction related companies got a boost the end of this week such as JOY, CLF, and CAT with big long moves in their stock prices. Because of "surprise" news of new construction orders for about $225 million, not from the U.S. but from China. This despite the tepid "improvement" and probably politically manipulated NFP numbers.
Last edited by Cloudy; September 8th, 2012 at 05:42 AM.