Thank you, I was going to write the same thing. People don't understand these numbers, they just listen to a news blurb and run with it. The UE rate is said to be at a 6.7%, but no one looks at what that number covers- first time applications for UE benefits. The real number is found if the U6 UE number- 12.3%. That's all the people drawing benefits and those who are long term unemployed- the people the U3 doesn't count.
As far as the Labor Participation rate, yes we have approximately 91 million working age people are not working. That's about 61% of the work force, over 1/3 of our working age population and that's right from the BLS. Whats even more disturbing is that going back to 1984 the number rarely goes above 67%! That's everyone from 16 to 65 who could be working. The numbers are confusing though because the stats state that that number is supposed to be made up of those working or actively seeking work, not those retired, students, on welfare, stay at homes or those who have given up looking for work. I don't know why the the Labor Participation rate and U6 UE rate don't match up. In my mind it seems they should. I also don't know where those on disability, 80 million plus Americans, fit in the scheme. All I know is there are a LOT of people not working or at least not reporting they are working.
As far as todays young workforce, it's been that way for a long time. They don't care, as a group. It's just a job to get by until they either win the Lotto or get that magic bean that will put them in a CEO's position, one with a huge paycheck but no responsibility. We used to call people like that "dreamers", it was fairly common years back, now it's just the norm.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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