A record 92,584,000 Americans 16 and older did not participate in the labor force in September, as the labor force participation rate dropped to 62.7 percent, a level it has not seen in 36 years, the Bureau of Labor Statistics reported on Friday.
Six times in the last twelve months, the participation rate has been as low as 62.8 percent; but September’s 62.7 percent is the lowest since February of 1978.
The participation rate is the percentage of the civilian noninstitutional population who participated in the labor force by either having a job or actively seeking one. Those not in the labor force are those who not only did not have a job, but they did not actively seek one in the last four weeks.
BLS employment statistics are based on the civilian noninstitutional population, which consists of all people 16 or older who were not in the military or an institution such as a prison, mental hospital or nursing home.
Read more: CNSNews.com