Posted by Jim Spence on Saturday, September 8, 2012
The U.S. Labor Department reported that the nation’s labor participation rate fell again last month. It now stands at a thirty-one year low. Not since the days when Jimmy Carter left the White House have jobs been so hard to come by. The record low labor participation rate was fueled by another 368,000 Americans simply giving up their efforts to find jobs. The latest job statistics contained more bad news. Previous estimates of the number of jobs added to the economy in July were lowered too. With so many people no longer counted as seeking work, the curious unemployment rate math actually allowed the Department of Labor to lower the reported unemployment "rate" to 8.1%.