For the Fourth Month in a Row, the Labor Force Participation Rate is Stuck
OKLAHOMA CITY - February 02, 2018
- Surprising Lack of New Workers Entering the Economy
Today's unemployment report shows that despite a growing economy and low unemployment, the number of Americans entering the workforce is not growing. It's stuck at 62.7 percent for the fourth month in a row.
"One of the keys to an economic boom that I'm looking for is an increase in the labor force participation rate," said Bob Funk, CEO of Express Employment Professionals, and the former Chairman of the Federal Reserve Bank of Kansas City. "Despite the baby boomer retirement, I'd like to see the millions of people who have given up looking for work enter the labor force. Companies have a lot of open jobs and they certainly need more available workers."
The Bureau of Labor Statistics said today that the unemployment rate remained at 4.1 percent with 200,000 new jobs created in January.
###
If you would like to arrange for an interview with Bob Funk to discuss this topic, please contact Sheena Karami, Director of Corporate Communications and PR at (405) 717-5966.
About Robert A. Funk
Robert A. "Bob" Funk is chairman and chief executive officer of Express Employment Professionals. Headquartered in Oklahoma City, the international staffing company has more than 800 franchises in the U.S., Canada and South Africa. Under his leadership, Express has put more than 6 million people to work worldwide. Funk served as Chairman of the Conference of Chairmen of the Federal Reserve and was also the Chairman of the Federal Reserve Bank of Kansas City.
About Express Employment Professionals
Express Employment Professionals puts people to work. It generated $3.4 billion in sales and employed a record 540,000 people in 2017. Its long-term goal is to put a million people to work annually. For more information, visit
ExpressPros.com.