– Labor Participation Rate Remains At 37 Year Low As 94.5 Million Remains Outside The Labor Force:
In another sign that the labor market slack, at least from the Fed’s perspective, is now reaching a peak, the Household survey reported that while the civilian labor force rose by over 300K in October, the number of people not in the labor force actually declined by 97K to 94.5MM (as those employed rose by 320K), following a surge of over half a million in September. Despite this headline improvement, however, the participation rate remained at 62.4%, same as the prior month, and at a level last seen in 1977.
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