Yet again, more people dropped out of the labor market than got jobs in September 2014. The unemployment rate, which is a complete fraud dropped to 5.9%, the lowest since 2008. The media will have their numbers to spin in hopes of helping Democrats for next month’s election. But the true story about this latest jobs report is the 315,000 people who dropped out of the labor force. There are now 92.6 million Americans not in the labor force. With 92.6 Americans out of the labor force, the labor participation rate is at it’s lowest level since February 1978, during Jimmy Carter days. Thanks Obama!
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| 315,000 drop out of the workforce, now 92.6 million! |
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While by now everyone should know the answer, for those curious why the US unemployment rate just slid once more to a meager 5.9%, the lowest print since the summer of 2008, the answer is the same one we have shown every month since 2010: the collapse in the labor force participation rate, which in September slid from an already three decade low 62.8% to 62.7% – the lowest in over 36 years, matching the February 1978 lows. And while according to the Household Survey, 232,000 people found jobs, what is more disturbing is that the people not in the labor force, rose to a new record high, increasing by 315,000 to 92.6 million!