America’s labor force has been shrinking. But why? GbBIS looks at the big influence demographics have on the jobs market.
The national unemployment rate may have fallen to just under 8%, but that doesn’t account for the fall in the labor force participation rate. Labor force participation refers to how much of the overall population is actively working and that number fell from 65.8% to 63.6% over the last 4 years.
Less Young Men Working
If you look at the labor force participation rate among men, it has been declining ever since the 1950’s. Male participation has fallen under President Obama. It fell under President George W. Bush and President Clinton. It’s fallen in every presidential administration going back to at least Eisenhower’s, with the exception of Carter’s, for whom it was flat. Why are fewer men choosing to work?
An Ongoing Trend
For single men age 16-19, participation fell by almost 9 points from 2006-2010. For single men age 20-24 it fell by almost 5 points. This trend could be for a variety of reasons. Maybe men decide it’s not worth applying for a low-paying job at the local grocery store, or maybe they are more focused on their education, or maybe they are feel no need to work when they get so much free entertainment online. With less young men seeking employment, women and older generations have had to fill the employment gap.
Identify Potential Employees
As a business, you should be familiar with the demographics in your area. And finding the target demographic for your employees is just as important as finding the target demographic for your customers. When selecting or evaluating a business site, view demographic data such as age and gender to see if the area has a large employable workforce.
Demographic data can help you locate the best employees for your business. If you’re looking for the most accurate, up-to-date demographic data, contact GbBIS. We offer thousands of demographics, available as data on maps, reports, web applications, and databases. Our demographic data can help you locate new employees, new customers, and much more.
Contact GbBIS today. Our demographic data can help you find the best employees for your business