Another 425,000 Americans dropped out of the labor force in October, bringing the workforce participation rate down to 62.8%.
According to the Bureau of Labor Statistics, a total of 94,609,000 Americans (37.2 percent) over the age of 16 are now no longer participating in the labor force, meaning they are either no longer working or no longer looking for work, for a various number of reasons – retirement, school, family, or they’ve just given up.
The Bureau released the new report Friday, announcing that the unemployment rate for October was 4.9 percent – down a tenth of a point from September.
The number of employed people fell by 43,000 over a 30-day period from 151,968,000 in September to 151,925,000 October.
The number of unemployed people fell as well, by 152,000, from 7,939,000 in September to 7,787,000 in October.
The number of Americans not participating in the labor force has steadily increased since Obama took office, from 80,529,000 in January 2009 to the current number of 94,609,000. CNS News reported that some of the factors pushing the numbers up was due to “the recession inherited by President Obama and mounting baby boom retirements.”
The Labor Department’s report said 161,000 jobs were added in October, compared to 191,000 new jobs in September.
Republican nominee Donald Trump has campaigned on the promise to bring back jobs to America by stopping the “job-killing Trans-Pacific Partnership” and lower taxes on American corporations from 35 percent to 15 percent, giving them more incentives to stay in the United States instead of transporting jobs overseas.
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