The Labor Department has released a report that over 100 million Americans are out of the labor market for the 14th month in a row and are not actively looking for a job to make it worse.
• 100,450,000 Americans are out of the workforce in October, up almost 40K from September 2021
• This has been going on for 14 months straight with no indication that the number will dip below 100 million.
• 1.3 Million say they choose not to enter the workforce because of the pandemic that number is lower than September at 1.6 Million
• The job numbers for October is 531,000 up from 191,000 in Septemeber
• In October, 3.8 Million Americans reported that they could not return to work because their employer was closed or lost business due to a pandemic.
• Labor force participation rate of 61.6 percent in October, a very low number.
• Numbers based on workgroups, the unemployment rate for men is at (4.3 percent) which declined in October. The jobless rates for women are at (4.4 percent), teenagers (11.9 percent), Among Whites (4.0 percent), Blacks (7.9 percent), Asians (4.2 percent), and Hispanics (5.9 percent), many groups showed little or no change over the last month.
This is a very disappointing report for the American economy, with gas and food prices going through the roof and shortages at stores this holiday season things are about to go from bad to catastrophic.