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Data: FRED; Chart: Danielle Alberti/Axios

The number of Americans who aren't employed but aren't considered unemployed because they are not looking for a job skyrocketed to 103 million in April and still accounts for more than a quarter of the U.S. population.

Why it matters: The official unemployment rate has halved in recent months (to 7.9% in September from 14.7% in April) but the number of Americans out of the labor force has not fallen with it, and, in fact, rose in September back to nearly 101 million.

Between the lines: As Fed chair Jerome Powell noted in remarks to the National Association for Business Economics last week...

  • “A broader measure that better captures current labor market conditions — by adjusting for mistaken characterizations of job status, and for the decline in labor force participation since February — is running around 11%.”

The big picture: During the Great Recession the number of people not in the labor force increased by an average of 0.12%, or 96,000 people, per month, according to an Axios analysis.

  • During the month of April, the number increased by 7% and remains 6% higher than it was in March — an average of 713,000 people removed from the labor force each month.

The bottom line: The pandemic "has resulted in millions of workers falling through the cracks of the BLS methods and definitions," says Lou Brien, rates strategist at DRW Trading, in a note to clients.

  • "Therefore, millions of people exist in an employment statistics Neverland, where the bad news doesn’t seem quite as bad because of unusual circumstances created by the pandemic."

Go deeper

Jan 16, 2021 - Politics & Policy

The Biden team

Chart: Danielle Alberti/Axios

U.S. women's soccer team beats Netherlands, moves on to Olympic semifinals

Members of the U.S. women's soccer team celebrate after beating the Netherlands. Photo: Laurence Griffiths/Getty Images

The U.S. women's soccer team beat the Netherlands in a penalty kick shootout on Friday, propelling them to the semifinals of the Olympic Games.

Why it matters: The win brings the U.S. team one step closer to its quest for a historic back-to-back double — winning the Olympics after emerging victorious at the Women's World Cup. The U.S. will play Canada in the semifinals next week.

Dan Primack, author of Pro Rata
1 hour ago - World

SEC clamps down on Chinese IPOs

Illustration: Sarah Grillo/Axios

Chinese companies will be unable to go public in the U.S. unless they make new risk disclosures, according to a statement released Friday morning from SEC chair Gary Gensler.

Why it matters: Chinese companies, and tech startups in particular, are already under growing pressure from their own government. Now they're also getting squeezed by U.S. officials.