The Labor Force Participation Rate edged down to 62.7,matching it’s record low of 1978, when far few women were in the labor force. 93.1 million Americans are not working, as 277,000 left the labor force.
For every person that found a job, more than 2 threw in the towel and left the labor market. Among them who did get jobs, were all to workers age 55 and over,” states Peter Schiff.
The Labor Force Participation for men has never been this low in the history of the country. ~ Peter Schiff
In any event, this is nothing short of a recipe for disaster, as aged workers have no leverage to demand higher wages (hence the lack of any broad wage growth), while Millennials and other young Americans, instead of entering the work force and accumulating job skills as well as wages, get more and more in debt.
In short: America continues to be a country where there are only jobs for old men, those 55 and older, who saw a 329,000 increase in jobs in the past month. Every other age group saw job losses!
Since the start of the Second Great Depression, only the 55 and older age group has seen job increases. Those 55 and younger are still 1.2 million jobs below the level they were are on December 2007.
Here is just the number of workers aged 55 and older. At 33.1 million they just hit a new all time high.
- Education and Health saw the addition of 38K workers
- Retail Trade added 26K
- Leisure and Hospitality added another 13K
- Temp workers increased by 11K.
We point this out just in case anyone is still worried about “wage growth.”