The number of Americans aged 16 and older not participating in the labor force hit 92,898,000 in February, tying December’s record, according to data released by the Bureau of Labor Statistics (BLS).
Over the longer trend, the labor force participation rate was between 62.9 percent and 62.7 percent from April 2014 through February, and has been hovering around 62.9 percent or lower in 13 of the 17 months since October 2013, the BLS data revealed.
To put it another way, when President Obama took office in January 2009, there were 80,529,000 Americans who were not participating in the workforce, which means that 12,369,000 US citizens have left the workforce since then.
The number of Americans out of the workforce jumped by 354,000 last month.
The last time the labor participation rate dropped below 63 percent was 37 years ago, in March 1978 when it was 62.8 percent….