Ft. Lauderdale, Fl USA
How Occupy Wall Street Reduced Unemployment
By Ed Carson
Fri., Dec. 02, 2011 1:26 PM ET
Tags: Occupy Wall Street - Jobs - Unemployment - Economy
Occupy Wall Street may have fizzled in the last few weeks, but the movement may have helped improve the official employment picture.
Rather than hunting for jobs, thousands of young adults camped out in protests across the country.
Last month, 130,000 people age 20-24 left the labor force, the biggest drop this year. The overall labor force fell by 315,000, the main reason why the jobless rate tumbled to 8.6%.
If the young adult labor force had just remained unchanged, the jobless rate would have been 8.7%, a tenth of a percentage point higher than the official rate.
So if we just get all young adults to camp in parks and stop looking for work, we could eliminate this unemployment problem overnight.