The April 2012 Employment Survey released today by the U.S. Bureau of Labor Statistics shows that the U.S. labor force continues to shrink fast.
According to this survey, the labor force shrank by 342,000 in April, with labor force participation dropping by 0.2% to 63.6% (.06 lower than one year ago!), and the employment/population ratio by 0.1% to 58.4%. The number of Americans out of the labor force is projected to have gone up by 522,000 in a month, to 88.4 million, up by 2.7 million since last April. The two BLS surveys (the Establishment and Household surveys) agree on a rise in (unemployed plus forced part-time plus recent dropouts) to about 22.5 million altogether. Not included in this report, another 4.5 million are longer-term dropouts or never entered the workforce, making 27 million real unemployed without considering the 2 million who've gone onto Social Security disability status since 2009.
The surveys disagree on total employment, with the "headline" establishment survey projecting that it rose by 115,000, and the household survey projecting that it fell by 169,000, with the "headline" unemployment rate dropping slightly to 8.1% due to all the labor force dropouts.
Part-time work continues to increase; it rose by 490,000 just in April, so full-time work fell considerably, no matter which survey you go by.
All in all, there are still fewer Americans employed, at all, than there were when Obama was inaugurated, and still almost 7 million fewer employed than at the end of 2007.
If NAWAPA XXI were enacted, 4 million high-skill jobs would be created in producing materials for, and building the earth-moving, foundry, machine production and operation, power generation, pumping station, and transportation requirements for the system. LaRouche PAC's NAWAPA XXI Special Report breaks out the current employed and unemployed numbers in the Construction Crafts, Skilled Machinists, and Professional Engineers on page 35:
- In Construction, 365,651 in various construction crafts are now unemployed. This is a qualified workforce which is immediately labor-ready, and which could act as "trainers," for example, of the 24.9% of the current teenage (16-19) workforce now unemployed.
- The number of skilled machinists currently unemployed is 40,762. This labor-ready workforce could also act as trainers of the 12.5 million members of the BLS count of the civilian labor force who are unemployed, or the real number of 27 million unemployed.
- The number of professional engineers who are currently unemployed is 689,990. In addition to being work-ready, these engineers could also act as instructors.