Jan. 2012 all time record-1.2 million people dropped out of US labor force in 1 month

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2/3/12, "Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low," Zero Hedge, Tyler Durden

"A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%. Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million. No, that's not a typo: 1.2 million people dropped out of the labor force in one month! So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation. As for the quality of jobs, as withholding taxes roll over Year over year, it can only mean that the US is replacing high paying FIRE jobs with low paying construction and manufacturing. So much for the improvement.

Chart below shows it all - that jump is not a fat finger!"

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"In January, the number of Part Time workers rose by 699K, the most ever."

2/3/12, "Final Nail In Today's NFP (Non-farm payroll) Tragicomedy: Record Surge In Part-Time Workers," Zero Hedge, Tyler Durden

"It appears the record surge in people not in the labor force is not the only outlier in today's data. For the other one we go to the Household Data Survey (Table 9), and specifically the breakdown between Full Time and Part Time Workers (defined as those "who usually work less than 35 hours per week"). We won't spend too much time on it, as it is self-explanatory. In January, the number of Part Time workers rose by 699K, the most ever, from 27,040K to 27,739K, the third highest number in the history of this series. How about Full time jobs? They went from 113,765 to 113,845. An 80K increase. So the epic January number of 141.6 million employed,

• which rose by 847K at the headline level:

• only about 10 % of that was full time jobs:

surely an indicator of the resurgent US economy... in which employers can't even afford to give their workers full time employee benefits."...

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It's better to know the truth if one wishes to plan for the future:

4/1/2010, "The Obama Coalition," The Atlantic, Thomas Byrne Edsall

"Over the last two years, there has been a massive increase in the number of people who have no place to turn except to the government. Enactment of the Obama administration’s health care reform legislation demonstrates the growing power of this burgeoning constituency—a constituency which will reap a disproportionate share of the $1 trillion in new health care spending over the next decade.

There are many ways to measure the expanding multitudes of those in need. From February 2008 to February 2010, the number of unemployed men and women doubled from 7.4 million to 14.9 million.

In addition to these almost 15 million unemployed, the number of people who say they want to work, but who have given up trying, grew from 4.8 million to 6.2 million over the same period. Added to these are the people working part time who cannot get regular jobs: this population grew from 4.8 million to 8.9 million. Altogether, this makes a total of

• 30 million Americans out of work or under-employed.

The numbers are bad enough, but there is a growing consensus among economists that the unemployment problem is likely to become structural—no longer a temporary phenomenon.

One of the most striking indicators of the potentially enduring unemployment status of many of those now out of work is the increase in the number of people who have been without jobs for six months or more. These people have the hardest time making it back into the workforce, and the growth of this population suggests that more and more people who lose a job face the danger that unemployment will become permanent."...(links within article may be inactive, ed.)

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