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Factoids

Factoids offer brief snapshots of current topics pertinent to the Furniture industry based on our on-going research. Increase your grasp of current trends, consumer attitudes, and shifts within the industry through solid statistics and concise insight.

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Factoids

Companies Facing Nationwide Worker Shortage Civilian Labor Force

This is the third factoid in a series of four factoids showing how labor shortages throughout the U.S. are fast becoming a real issue across all major industries. From farms to factories, employers are having a hard time finding both unskilled and skilled workers. The brick and mortar home furnishings industry is not immune to the worker shortage crisis facing American businesses.

Data from the Bureau of Labor Statistics supports the growing need facing companies to attract and retain employees, while adapting their training methods and introducing technology that fills the gap of a smaller workforce.

The Civilian Labor Force includes persons employed and those unemployed, but actively looking for work. Down 3.2 percentage points from 2006, the current work force (February 2018) makes up 63 percent of the total civilian population over the age of 16. Roughly 37 percent of the population over 16 is not considered part of the labor force. This segment – Not in the Labor Force – consists of people who are in school and do not work, those who have grown disillusioned searching for work and not actively looking, and those who choose not to work for various reasons.

The unemployment rate has dropped to 4.1 percent in February of this year – the lowest since 2000. Unfortunately, this has not translated into big gains for the employed population. At 63.0 percent, the percent of the population employed continues to stay well below pre-recession levels, while people not in the labor force climbs further, growing 3.2 percentage points from 2006 to 2018 (February).

The labor force historically includes teenagers, ages 16 to 19, as they make up a large portion of the part-time labor market. This year, ages 16 to 19 account for 6.5 percent of the total civilian population over the age of 16, but only 3.7 percent of the workforce. In addition to an unemployment rate of 14.4 percent among teens, many are opting out of summer jobs and represent 11.3 percent of the total persons “not in the labor force.” According to the Bureau of Labor Statistics, teenagers opting out of summer work is not due to laziness, but rather education taking its place. In addition to many school districts either lengthening the school day or academic year, many students are taking summer classes to “get ahead “ – cutting into time for a job.

Source: Bureau of Labor Statistics



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Fast Fact: Civilian Labor Force Drops 3.2% Since 2006http://hfbusiness.com/hfbnow/ArticleID/17904/fast-fact-civilian-labor-force-drops-32-since-2006
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