The Obama economy continues its record-breaking streak. The latest Bureau of Labor Statistics jobs report found that 94,031,000 Americans are now out of the labor force, a new high.
According to BLS' August report, the number of Americans out of the labor force increased by 261,000 since July, from 93.77 million out in July to 94. 03 million in August.
The labor force participation rate in August held steady at just under 63 percent, where it has roughly been all year. That number is a 38-year low, as CNS News notes.
The rising number of those out of the labor force is in part attributable to retiring baby-boomers, but another troubling trend is a lower percentage of younger workers entering the workforce.
Below is the overview section of the BLS report providing a comparison between July and August:
|
| July 2015 | August 2015 |
| | 250,876 | 251,096 |
| Civilian labor force | 157,106 | 157,065 |
| Participation rate | 62.6 | 62.6 |
| Employed | 148,840 | 149,036 |
| Employment-population ratio | 59.3 | 59.4 |
| Unemployed | 8,266 | 8,029 |
| Unemployment rate | 5.3 | 5.1 |
| Not in labor force | 93,770 | 94,031 |
| Persons who currently want a job | 6,135 | 5,932 |