The Workforce Participation Rate fell to an astonishing new low of 62.8%, and yet the Employment outlook for skilled workers in our precision machining shops is the most positive it has ever been, with 99% of respondents saying that the employment outlook will remain the same or increase over the next three months.
Americans not in the labor force exploded higher by 535,000 to a new all time high 91.8 million.
This is not due to just inevitable baby boomer retirements.
The estimates due to baby boomers range from 20% from the conservative Heritage Foundation to 25% from the liberal Economic Policy Institute.
And yet Manufacturing Institute estimates 82% of U.S. Manufacturers are looking for skilled workers, confirming the strength of our previously mentioned 99% positive outlook for job prospects in the precision machining industry.
Why does this matter?
” …we estimate that potential GDP is currently about 7 percent below the trajectory it appeared to be on prior to 2007.”-Reifschneider, Wascher and Wilcox IMF Paper
Graphs courtesy of Zero Hedge
Tag: Wascher and Wilcox