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Dec. 2013 US labor participation rate drops to level not seen since Jimmy Carter administration. Americans not in labor force at all time high-Zero Hedge

January 10, 2014

1/10/14, “People Not In Labor Force Soar To Record 91.8 Million; Participation Rate Plunges To 1978 Levels, Zero Hedge

Curious why despite the huge miss in payrolls the unemployment rate tumbled from 7.0% to 6.7%? The reason is because in December the civilian labor force did what it usually does in the New Normal: it dropped from 155.3 million to 154.9 million, which means the labor participation rate just dropped to a fresh 35 year low, hitting levels not seen since 1978, at 62.8% down from 63.0%.

And the piece de resistance: Americans not in the labor force exploded higher by 535,000 to a new all time high 91.8 million.”

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1/10/14, More Than Half Of December Jobs Added Were Temporary,” Zero Hedge

“Once again, in its sheer panic to tout the quantity, or lack thereof, in the case of the December jobs number, the frenzied media and pundits completely ignored the quality of the jobs gained in the last month of December. Or lack thereof. Because as the simple breakdown below shows, of the 74K jobs gained in December, 55%, or 40K were the worst of the lot when it comes to wages or benefits: temporary jobs.

As for the other job additions? Well, between Temp Help, and the bottom of the barrel paying Retail and Wholesale Trade jobs, the total additions were 111K. Which means all the other, better-paying, job groups saw… a drop of 35K.

In other words, the “recovery” may be lacking in numbers, but at least it is completely lacking in quality. And oh yes: remember – when it is snowing outside, employers only hire temp workers, hence it’s the weather’s fault.”

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