US Labor Force Dropouts Hit Record 105.8 Million as June Job Growth Misses 115,000 Forecast
Updated
Updated · The Independent · Jul 22
US Labor Force Dropouts Hit Record 105.8 Million as June Job Growth Misses 115,000 Forecast
3 articles · Updated · The Independent · Jul 22
Summary
105.8 million Americans age 16 and older were outside the labor force in June, a record high that included 832,000 additional dropouts in the month.
Just 57,000 jobs were created in June, less than half the 115,000 economists had forecast, while people not in the labor force are excluded from the official unemployed count.
7.1 million Americans were officially unemployed in June and the jobless rate held at 4.2%, largely unchanged over the past year despite the surge in labor-force exits.
Nicholas Eberstadt of AEI said the figures point to a persistent withdrawal from work among prime-age adults, estimating about 7 million men ages 25 to 54 and 3.5 million women are out of the labor force.
About half of those outside the labor force are retirees, 23.3% receive long-term illness or disability benefits, 17% are full-time students and roughly 5% have stopped looking for work.