I know that number may be a bit skewed by the fact that so many people are above retirement age and/or don't want or need to work, but it's still a scary number.
The number of adults who are “not in the labor force” (NILF) surged to an all-time high in June to 105.8 million, according to figures from the Federal Reserve Bank of St. Louis. The record comes after a massive surge of 832,000 workers dropping out of the labor force in June alone. The overall number of NILFs is higher than at the height of the Great Recession or the COVID pandemic.
The definition is broad as I said - it covers all Americans age 16 and over who aren’t currently working, including retirees and students.
Some 5.3 million workers - 5% of NILFs - have dropped out because they are discouraged or they’re not even bothering to look for work. In addition, up to 22% of America’s NILF population are on long-term illness, disability, or other forms of benefits - representing more than 23.3 million Americans. See how I think the numbers are skewed by other factors? The one thing the report did NOT say is the number of people who want to work - at any pay level - and just not find work. I wonder why that was omitted...
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