U.S. GDP Growth Puts on the Brakes
The U.S. economy has yet to enter a much anticipated recession, but it has been slowing.
Here are the specifics from Statista (April 28):
Annualized real GDP growth slowed to 1.1 percent in Q1 2023, the Bureau of Economic Analysis said on [April 27], down from 2.6 percent in Q4 2022 and way below analyst expectations.
However, the article points out a bright spot: the low jobless rate.
Indeed, on Feb. 3, the U.S. Commerce Department noted that the unemployment rate was at a 54-year low of 3.4%.
Yet, that low figure doesn’t tell the whole employment story.
Here’s a chart and commentary from the April Elliott Wave Theorist:
The Labor Force Participation Rate has been dropping for over 70 years. [The chart] shows the history. In 1949, 87% of working-age men worked to support the country; now only 68% of them do.
Not a big change? Wrong. Ratios put the burden on workers into perspective: In 1949, 87% of working-age men supported 13% of them; now 68% support 32% of them. Before, 7 men supported each non-working man; now only 2 men support each non-working man. No wonder employed people are exhausted.