Quote:
Originally Posted by slapass
Here is the big thing that drives everyone into a frenzy. Job participation is at a multi year low. But it was at an all time high before the crisis. As baby boomers retire, it is going to get worse. But there is no hidden 30% without jobs who want them. That 30 some percent has always been there and was even bigger in the past. It is wives and old people with some unemployable.
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The job participation is not calculated from the whole population, so old folks don't count if they are over 64. Neither do count under 15 years olds. Wives between 15-64 do count, or "home daddys", or whatever. They may not want a job to start with; great, as there is no jobs for them. So, put it however you want it.
EDIT: Oops, that labor force participation rate is some special US number. Not employment rate used usually. No wonder it showed better numbers than employment rate.
You should use this.
"The employment-population ratio is many American economists' favorite gauge of the American jobs picture[citation needed]. According to Paul Ashworth, chief North American economist for Capital Economics, "The employment population ratio is the best measure of labor market conditions."[1] This is a statistical ratio that measures the proportion of the country's working-age population (ages 15 to 64 in most OECD countries) that is employed."
Employment-to-population ratio - Wikipedia, the free encyclopedia