labor force participation rate 1996-2017

CNBC Denies Trump Claim 94 Million People out of Labor Force, Retracts

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.”

The labor force participation rate is at multi-decade lows:

labor force participation rate 1996-2017

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.

labor force participation rate 1996-2017 25-54

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.

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