Another 400,000 people have left the job market but University of Chicago Booth School of Business Professor Austan Goolsbee says “it’s not bad.”
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He told FOX Business Network’s Charles Payne “it’s just about what was expected… We are still on path of generating something like two and half million jobs a year -- which is a decent year.”
Goolsbee argues in order to sustain a rapid rate of job creation you need to get the growth rate up higher.
“You need about one to one and half million jobs a year to replace the population. So we are running at a rate that is about double that.”
He forecasts that we will continue to see a number of setbacks in the labor force participation rate because of the number of baby boomers retiring.
“For the next twelve plus years we are going to continue setting records of the form... and that’s because the baby boomers retiring... At least two-thirds of this is completely predicted,” he said.