Don't fall into the trap of thinking that one issue is causing a problem. It's not high employment OR expensive diesel causing inflation; it could be high employment AND expensive diesel. But, if you have tried to hire anybody lately, there are not a lot of qualified folks out there.
We failed to train anyone for a long time and treat those that had any interest in things like they trades like losers. I had to pay for most of my training all of my tools I used to warning my friends away from the trades now I can practically name my price
I wonder how it was calculated then. It seems that was likely nearer to 100% participation in an economy where an average working class family could support parents and 2-3 kids on a single wage earner's labor.
United States Labor Force Participation Rate dropped to 62.4 % in Apr 2023, compared with 62.6 % in the previous month.
US Labor Force Participation Rate is updated monthly, available from Jan 1948 to Apr 2023, with an average rate of 62.9 % .
The data reached the an all-time high of 68.1 % in Jul 1997 and a record low of 57.2 % in Jan 1948.
US Labour Force Participation Rate is reported by reported by U.S. Bureau of Labor Statistics.
In the latest reports, US Population reached 334.3 million people in Dec 2022.
Unemployment Rate of US dropped to 3.4 % in Apr 2023.
The country's Monthly Earnings stood at 4,590.3 USD in Apr 2023.
My bet is the actual unemployment numbers are much higher, and actual participation numbers are lower because of people working two jobs.
My bet? Failed Chinese supply chain coupled with expensive diesel and middle distillates.
We are still a petroleum economy.
Don't fall into the trap of thinking that one issue is causing a problem. It's not high employment OR expensive diesel causing inflation; it could be high employment AND expensive diesel. But, if you have tried to hire anybody lately, there are not a lot of qualified folks out there.
"My bet? Failed Chinese supply chain coupled with expensive diesel and middle distillates."
The hiring issues are sufficient to make one wonder what the actual participation/unemployment rates are.
We failed to train anyone for a long time and treat those that had any interest in things like they trades like losers. I had to pay for most of my training all of my tools I used to warning my friends away from the trades now I can practically name my price
Trade schools/technical colleges don't give nice dinners to guidance counselors who send students their way.
"a record low of 57.2 % in Jan 1948."
I wonder how it was calculated then. It seems that was likely nearer to 100% participation in an economy where an average working class family could support parents and 2-3 kids on a single wage earner's labor.