Another 425,000 Americans dropped out of the labor force in October, bringing the workforce participation rate down to 62.8%.
According to the Bureau of Labor Statistics, a total of 94,609,000 Americans (37.2 percent) over the age of 16 are now no longer participating in the labor force, meaning they are either no longer working or no longer looking for work, for a various number of reasons – retirement, school, family, or they’ve just given up.
The Bureau released the new report Friday, announcing that the unemployment rate for October was 4.9 percent – down a tenth of a point from September.
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