UPDATE: Workforce hits 30-year low. “That’s a new 30-year low in the civilian participation rate, lower than April’s 63.6%. That’s the reason for the decline in the jobless rate. The workforce decline artificially depresses the official unemployment rate. If we had the same level of civilian participation as we did at the beginning of the recovery in June 2009 (65.7%), we’d be looking at a jobless rate of well over 10%. The employment-population ratio dropped to 58.3% in August, not as low as last year’s 58.2%, but still bouncing along a generational bottom. That measure was 59.4% at the beginning of the recovery.”
Larry Herring on Twitter: “If Obama can get everyone out the the workforce, the unemployment rate will be 0%!!”
I’ve been pointing that out for years, now, ever since I understood what a scam these numbers really are.