While Candidate Obama is on the campaign trail touting the unemployment rate going down to 8.6%, the number of people actually employed and seeking employment also dropped to 64.0%. That was Carter’s best/highest level in Feb 1980. So the real math is pretty obvious.. less jobs = less people working + more people falling off the unemployment roles, plus the fact that about 10,000 baby boomers are retiring daily.
“the number of people not in the labor force, but who want a job now, rose to a seasonally-adjusted 6,595,000, the highest since the first month that statistic was tracked, January 1994. As a percentage of the civilian population, the 2.74% rate is the highest since June 1996”
“The decrease in the jobless rate [in Nov] reflected a 278,000 gain in employment at the same time 315,000 Americans left the labor force.”