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One Key Jobs Metric Grows 'More Concerning'
Newser • • business
Key Points:
- The US workforce has decreased by over 1 million people in the past year, falling to 169.1 million, according to the latest Bureau of Labor Statistics data.
- In July alone, 264,000 individuals left the labor force, causing the labor force participation rate to drop to 61.4%, the lowest level since the pandemic.
- Demographic factors such as retiring baby boomers, low birth rates, and tighter immigration contribute to the decline in labor participation, alongside a growing number of discouraged workers.
- The average job search duration has increased to nearly 25 weeks, leading many to pause their job hunt, with discouraged workers rising to 503,000 in July from 460,000 a year earlier.
- Experts warn that the declining labor force participation rate near historic lows poses concerns for the economy’s long-term growth prospects.
