Using data from the Bureau Labor Statistics, they reported an additional 1,911,000 year-to-date (from Sept. 2013 to Sept. 2014) for those "not in the labor force". Now subtract 1,155,557 for retired and disabled on Social Security during that same time for a difference of 755,443. That would indicated that, out of 3,037,040 high school (and college) graduates this year, 755,443 of them dropped out of the labor force to maybe "take care of home or family" — but yet, of those, 65,000 less say they "wanted a job" compared to last year. That would indicate 2,281,597 graduates found jobs this past year (and/or no one else was hired). That is astonishing! But wait....how many jobs were created year-to-date during that time? The Bureau Labor Statistics reports 2,799,000 — for a shortfall of 517,403 jobs. The numbers don't add up, not even for government work.
And were those 2,799,000 net new jobs created for 2,799,000 different people over the last year? And how many people got a job, then were laid off, and then got another job? (Meaning, 2 jobs were created for 1 worker.) Or how many people took a secondary job? Again, 2 jobs created for 1 worker. Currently we have 7.1 million "multiple job holders". And of those 2,799,000 jobs that were created over the past year*, how many were part-time? Currently 6.7 million people work part-time because they can't find full-time work (or because their hours were cut).
* BLS JOLTS: "Over the 12 months ending in August 2014, hires totaled 56.2 million and separations totaled 53.6 million, yielding a net employment gain of 2.5 million. These figures include workers who may have been hired and separated more than once during the year."
Over the last year (year-to-date) we've had over 3 million high school and college graduates (ages 16 to 24), but the Bureau Labor Statistics reports only 810,000 of those are "not in the labor force" -- and of those, only 136,000 "want a job".
During that same time, according the the BLS, we've had an additional 227,000 people (ages 25 to 54) "not in the labor force" --- and during that time, we've also had an additional 33,043 on Social Security disability.
During that same time (year-to-date, from September 2013 to September 2014) the Bureau Labor Statistics reports an additional 1,602,000 people (ages 25 to 54) "not in the labor force" --- and during that same period of time, we've had an additional 1,122,514 retired on Social Security.
Year-to-date: more retired ......................1,122,514
+ Year-to-date: more disabled ....................... 33,043
= Year-to-date: more "not in labor force" = 1,155,557 — the vast majority of the additional year-to-date number of 1,911,000 that the BLS reports, implying that hi8gh school and college graduates who can't find work only make up a tiny part of the decline in the labor force participation rate.
^ This is just for the past year; but it's calculated every year by the government the same way.
Not in the labor force and not counted in the unemployment rate
|YTD||Sept 2013||Sept 2014||Difference||Want a job||Sept 2013||Sept 2014||Difference||Demographics||Sept 2013||Sept 2014||Difference|
|16 - 24||17,639||17,720||810,000||➡||1,681||1,817||136,000||High School Grads*||[Class
25 - 54
|23,441||23,668||227,000||➡||2,599||2,534||- 65,000||SS Disabled||8,925,372||8,958,415||33,043|
|55 and over||49,553||51,155||1,602,000||➡||1,495||1,656||161,000||SS Retired||37,674,932||38,797,446||1,122,514|
- Source for labor force stats: Bureau Labor Statistics
- Source for Retirements and Disabled Workers: Social Security Administration
- Source for graduates: National Center for Education Statistics
- * For every person who graduates from school and then goes to college, there's also one college graduate or drop out. (Projections to 2022)
|During the 2014–15 school year, colleges and
universities are expected to award:
|In 2011–12, postsecondary institutions awarded:
|Wage Earners from 1999 to 2014
According to new wage data for 2013 from the Social Security Administration this week (released in October 2014), the median annual wage today is $56 a year less than it was 14 years ago in 1999 (adjusted for inflation.)
Note: The decline in the labor force participation rate began in April of 2000, even though the population increased.
According to the Social Security Administration, 50 percent of all wage earners had a net compensation less than or equal to the median wage — meaning, half took home more and half took home less for each year listed below:
* $20,000 a year would equate to a full-time job of 40 hours a week making $9.61
per hour before taxes.