During President Trump’s address to Congress last night he noted “Ninety-four million Americans are out of the labor force.”
CNBC, desperate to discredit President’s Trump claim that 94 million are out of workforce, tweeted last night that it is untrue. CNBC then deleted the tweet and “clarified”:
“Clarification:Trump claim that “94M people are out of the labor force” is correct; his past statements that they can’t get a job is not true.”
Clarification:Trump claim that "94M people are out of the labor force" is correct; his past statements that they can't get a job is not true
— CNBC Now (@CNBCnow) March 1, 2017
The labor force participation rate is at multi-decade lows:
Source: U.S. Bureau of Labor Statistics, Civilian Labor Force Participation Rate [LNU01300000], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/LNU01300000, February 28, 2017.
The labor force participation rate is down, not only because of retiring baby boomers, but also because an increasing percentage of people in their prime working ages (25-54) have left the labor force.
Source: U.S. Bureau of Labor Statistics, Civilian Labor Force Participation Rate: 25 to 54 years [LNS11300060], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/LNS11300060, February 28, 2017.
— Donald J. Trump (@realDonaldTrump) February 17, 2017
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