General Discussion
In reply to the discussion: The lowest jobless rate since 2008 [View all]OnlinePoker
(5,793 posts)According to BLS there are currently 90.436 million people 16 years and older no in the labor force whereas in January 2009, that figure was 81.293 million. I'm pretty sure a lot of these numbers are for the baby boomers that have started the mass retirement. The problem with BLS numbers is they count everybody not institutionalized who are over 16 when doing their calculations on the labor pool, but don't factor in those who are so senior they would never hold a job again. As the demographics of the baby boom generation are hitting the statistics, it may be time to rework how the participation rate is calculated.
Edit - link won't work, but go to the BLS website and look for Labor Force Statistics from the Current Population Survey - Not in Labor Force.