Below is a link to a discussion of how the current unemployment number vastly under-estimates actual unemployment be ignoring the number of working-age Americans who have left the workforce. Today the economy added 74k jobs, and unemployment dropped from 7 to 6.7%. The only way unemployment decreases with such a small number of jobs is if people give up and leave the workforce and are no longer counted. Sure enough, 347K people left the work force (some of these are retirements, but still, that's a much larger number than the 74K job added). The labor force participation rate is now 62.8%, the lowest since 1978.
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