Civilian Labor Force Participation Rate Drops to 29 Year Low

The press continues to under-report the extent of the US economic job deterioration. Today it was announced 117,000 jobs were “added” and the unemployment rate dropped to 9.1% down from 9.2%. What was not reported was the civilian participation rate dropped to a 29 year low of 63.9%. The last time so few people participated in economic activity was June 1982, when we were recovering from the Carter recession.

We are living in the land of Pravda and double speak. This is a depression. The true unemployment rate is 14.96% if you use the 2000 civilian participation rate of 67.3% as a base line. There are 10,574,000 people out of work who are not counted as unemployed but based on past economic conditions would be working if work was available.

14.96% or 15% is not a recession, this is a depression.

29 year low of 63.9%