The DOL’s weekly update shows the unemployment rate fell .1 to 7.5%. This was not as a result of more people working however. It was a result of 835,000 people dropping out of the workforce.
This is a case, as it has been since Obama became President, what looks like good news really isn’t. The labor participation rate, the number of people in the country that are working, is at 63.3 percent. That’s Jimmy Carter territory.