This morning I saw some talking face on the 24/7 nuthouse, MS-NBC, trumpeting the great news that the unemployment rate is so low, only 7.4%! Awesome, except it’s not. From Business Week:
The Bureau of Labor Statistics said the August unemployment rate was 7.3 percent, down a tick from 7.4 percent in July. The worrisome part is why the rate fell. The size of the workforce declined by about 300,000 and the participation rate fell to 63.2 percent from 63.4 percent—the lowest since August 1978. The participation rate is the number of people either working or actively searching for work as a share of the working-age population. It rose steadily over the years as more women entered the workforce before falling sharply in the 2007-09 recession, and it hasn’t recovered since.
Heckuva job, Barry! Way to go! We haven’t numbers like this since the King of the Useful Idiot, Jimmuh Carter, was bumbling his way through his only term.
More here at ABC News.