While the Fed is digesting what the X-13 Arima seasonally adjusted payrolls number means for the future of US interest rates, the devastation of the US labor force continues.
In what was an "modestly" unpleasant July payrolls report, yet somewhat better than June's flagrant disappointment, the fact is that the number of Americans not in the labor force rose once again, this time by 144,000 to a record 93,770,000 million, with the result a participation rate of 62.6% which remains at a level more indicative of the September 1977 economy.
I see more and more people walking around doing squat. Some still in their pajamas begging for change. This must be the strong economy the talking heads over at CNBS are screaming about...
If those working is 62.6 %, how can the unemployment rate not be 37.4%? Common core math?
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