One caveat to today’s jobs report — which overall was excellent — is the fact that Americans continue to leave the work force, and that these people aren’t included in headline rate.
Said the BLS:
About 2.3 million persons were marginally attached to the labour force in
November, an increase of 376,000 from a year earlier. (The data are not sea-
sonally adjusted.) These individuals were not in the labour force, wanted and
were available for work, and had looked for a job sometime in the prior 12
months. They were not counted as unemployed because they had not searched
for work in the 4 weeks preceding the survey.
As you can see, that number remains at a record high, and eventually they’ll be coming back.
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