April's jobs numbers came out today and it doesn't look good.
The number of people NOT in the labor force rose by a whopping 522,000 in April. This is the highest on record.
And the labor force participation rate (the employed and the unemployed but looking for a job) just dipped to a new 30 year low of 64.3%.
So, don't be deceived when you hear the lame-stream media tout that the unemployment rate dipped 1/10 of a percent from 8.2% down to 8.1%. The reason it dipped is because there are less people participating in the labor force. In other words, they just gave up looking for a job.
People Not In Labor Force Soar By 522,000, Labor Force Participation Rate Lowest Since 1981