While the unemployment rate in the country approaches historic lows, uncounted in the rate are roughly 92 million people who have dropped out of the workforce. Does this mean that they have just given up? Do we really have a talent shortage on our hands?
The New York Times recently took a closer look at that 92 million and the results are eye-opening: the vast majority of those not seeking employment are retired, students, or disabled, leaving just 2.6 million who have dropped out of the employment percentage.
Naturally, 92 million unavailable workers places a tremendous strain on the available workforce, but with a large percentage of them not working due to education and training, relief could be on the way. In the meantime, we at Parker do not expect any let up on the low unemployment rate, especially in the Greater Seattle job market where our unemployment rate is 4.7%.