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"That's another effort to force growth when it's not really there," Mr. Adams said.
Job growth over the last three months has averaged slightly less 100,000 a month, roughly the pace needed to keep pace with labor force growth.
"This suggests that, without the pickup in labor force growth, either employment growth would have slowed or inflation pressures would have intensified".
As witnessed by the most recent four employment reports – none of which showed employment growth, income growth, labor force growth and unemployment declines – economic conditions are quite weak.
(This number used to be higher, but underlying work force growth has dropped off sharply now that many baby boomers are reaching retirement age).
The reported increase, which includes adjustments intended to account for normal seasonal variations, was under the 150,000 threshold of jobs needed for employment to keep pace with natural labor force growth.
Similar(18)
But the debt left by the boomers adds to the drag of slower labour-force growth.
Is it possible, really, that low productivity growth was a consequence of rapid labour-force growth?
Labour-force growth and a flat unemployment rate now unchanged from December are one indicator of excess capacity.
"These students will be an important source of our labor-force growth as baby boomers begin retiring," Mr. Frey said.
Washington's official number-crunchers, such as the Congressional Budget Office, predict that labour-force growth will slow down, but not that dramatically.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com