Here is your 5.1 unemployment number folks
While the kneejerk headling scanning algos are focusing on the
seasonally-adjusted headline monthly NFP increase which came in a worse
than expected 173K, the presidential candidates - especially the GOP -
are far more focused on another data point: the labor force
participation rate, and the number of Americans not in the labor force.
Here, they will have some serious ammo, because according to the BLS,
the main reason why the unemployment rate tumbled to the lowest since
April 2008 is because another 261,000 Americans dropped out of
the labor force, as a result pushing the total number of US potential
workers who are not in the labor force, to a record 94 million, an
increase of 1.8 million in the past year, and a whopping 14.9 million
since the start of the second great depression in December 2007 while
only 4 million new jobs have been created.
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