June’s drop in the unemployment rate was because of an exodus of workers from the labor force.
The labor force participation rate, which measures the working-age population of those either employed or looking for a job, fell to 61.5%, the lowest since March 2021, according to the Bureau of Labor Statistics.
Excluding the Covid-era jobs market, it was the lowest participation rate since June 1976.
The labor force plummeted by 720,000 in June.
I can also speak for STEM. if you’re not currently in it, you’re not getting into it. and if you get out of it, unless you’re some kinda rockstar dev that is crucial to some companies survival, you’re not getting back into it. At one point you’d be competing against off shored dudes from India, which was easy to over come. Now not only are you competing with them who are now working for less pay than what they were before, you’re also competing with the ones that are willing to leave India and work in person for less pay AND AI AND fresh grads willing to work for minimum wage to be a prompt monkey. AI is a primary factor but it’s only one of the factors. Competent and qualified people in STEM are going the way of the buffalo. And I’m telling you now we’re all collectively fucked as a result. Mark my words data “leaks” like that one from that dating app a year or so ago are going to look like a casual sunday stroll in the park compared to what is eventually coming. they’ll be more frequent and be coming from everyone especially various governments.
I’m getting out of it this October and taking an early retirement. I want no part of it.
Yeah, that well is sort of drying up. It was a good go though.