by DocJess, Democratic Convention Watch, 4/8/13
The workforce participation rate has fallen to 63.3%. It hasn’t been this low since the late 1970’s. Let’s look at some numbers. Below is a chart of the labor participation rate from 2003 to the present. (All data from BLS.)
…Here’s the really scary part, which comprises the labor participation rate since 1948, when the BLS started keeping statistics.
The rise over time is understandable. The 60’s, 70’s and 80’s saw a lot of women entering the workforce who would not have worked in prior times. In the 60’s and 70’s, this was primarily women who wanted to work, especially at vocations that weren’t traditionally “pink collar”. By the 80’s, as wages stagnated and manufacturing moved overseas, there became a need for two incomes to support a family. And then came the drop.
It’s not just the 2007-09 crash, it’s something more insidious. The labor participation rate peaked for the first four months of 2000 at 67.3%, and has been falling ever since. There are several explanations for some of the decrease, but not enough to explain all of it….
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