Slight Improvements in the Labor Force Participation Rate

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Here is an interesting chart about the labor force participation rate which appears to have improved somewhat over its low point in late '15. The decline relative to '07 appears to be increasingly attributable to the baby boomers aging out of the workforce. The "Cyclical" category subsumes "discouraged" workers and that number appears to be nearly non-existent at this point. "Other" includes students, disability, stay-at-home parents, etc. Surely there's some overlap between "Other" and "Aging" as retirement ages increase and elder workers have on-the-job injuries. 

Source: JP Morgan Asset Management

Source: JP Morgan Asset Management

Notable (Contura Energy, Effed Education, Footwear, Memorial Production Partners)

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Contura Energy. The Tennessee-based metallurgical and steam coal company - probably better known in these parts as the once-and-recently-bankrupt Alpha Natural Resources filed for an IPO on Monday with plans to raise $100mm on the NYSE under the symbol $CTRA (Citi is sole underwriter). 

Education. Months ago we chronicled the affect that the oil and gas downturn was having on Oklahoman schools. Unfortunately, high debt and poor management in Puerto Rico seems to be having a similarly horrible affect on school children.

Footwear. Seven companies that are allegedly/particularly impacted by the recent wave of retail bankruptcies.

Labor Market. This study indicates that there is no unprecedented technological disruption. Seems counter-intuitive.

Memorial Production Partners/Amplify Energy. The company has emerged from chapter 11 with a new name and a delevered balance sheet to the tune of $1.3b. And now it has engaged Jefferies LLC as lead advisor to explore strategic alternatives.Fir Tree Partners, Millennial Energy Partners and Citadel LLC have representatives on the Board of Directors.

Passive Investing. There are now more index funds than there are individually traded stocks. Wait, what??