Continuing Depression causes more job seekers to give up looking for work!
WASHINGTON (PNN) - June 2, 2011 - The labor force - those who have a job or are looking for one - is getting smaller, even though the economy is reportedly growing and steadily adding jobs.
Economists think some of the missing workers have retired, have entered college or are getting by on government disability checks. Others have probably just given up looking for work.
"A small work force means millions of discouraged workers, lower output in the future and a weak recovery," says Rep. Kevin Brady of Texas, the ranking Republican on Congress' Joint Economic Committee. "Those are unhealthy signs."
By the government's definition, if you quit looking, you're no longer counted as unemployed; and you're no longer part of the labor force.
Since November, the number of Amerikans counted as employed has grown by 765,000, to just shy of 139 million. The nation has been creating a small number of jobs every month even though the economy continues to remain mired in Depression. The economy added 244,000 jobs in April.
But the number of Amerikans counted as unemployed has shrunk by much more - almost 1.3 million - during this time. That means the labor force has dropped by 529,000 workers.