Number of People Looking for Work
Drops to a 35-Year Low
Statement by Express Employment Professionals CEO Bob Funk on Today’s Unemployment Report
Says Drop in Labor Force Participation Rate Needs More Attention
“It’s the Real Story Here”
OKLAHOMA CITY, Sept. 06, 2013 — “Any time the number of people leaving the workforce goes up, it doesn’t really matter if the unemployment rate goes down - we as a nation have a problem,” said Bob Funk, CEO of Express Employment Professionals and a former chairman of the Federal Reserve Bank of Kansas City. “The real story today is the terrible trend our nation is going through - unemployment is dropping because people are giving up looking for work in numbers we haven’t seen in 35 years. As long as people are leaving the labor force in the numbers they are, our economy will remain weak, and American workers will continue to suffer.”
According to the employment report released today by the Bureau of Labor Statistics, the labor force participation rate declined from 63.4% to 63.2%, its lowest level since August, 1978. The unemployment rate dropped from 7.4% to 7.3%.
If you would like to arrange for an interview with Bob Funk to discuss this topic, please contact Sherry Kast at (405) 717-5966. To find out where all the workers have gone, read about the causes and consequences of America’s declining labor force participation rate in an Express white paper on The Great Shift.
About Robert A. Funk
Robert A. “Bob” Funk is chairman, chief executive officer and president of Express Employment Professionals. Headquartered in Oklahoma City, the international staffing company has more than 675 franchises in the U.S., Canada and South Africa. Under his leadership, Express has put more than five million people to work worldwide. Funk served as the Chairman of the Federal Reserve Bank of Kansas City and was also the Chairman of the Conference of Chairmen of the Federal Reserve.
About Express Employment Professionals
Express Employment Professionals puts people to work. It generated more than $2.3 billion in temporary sales in 2012 and ranks as the largest privately held staffing agency in the United States. Its goal is to put a million people to work.