|Quite the recovery, huh? (Graphic from Zero Hedge)|
But, hey the unemployment rate dropped! An all time high of 92 million people are not in the labor force! Obamanomics have won!
From CNBC (h/t Patterico's Pontifications):
Job creation accelerated in April as the U.S. economy added 288,000 new positions, while the unemployment rate plummeted to 6.3 percent amid a sharp drop in the workforce.
Economists had been anticipating 210,000 new jobs and a 6.6 percent rate.
Despite the big number, not all the news was good: The headline rate tumbled as 806,000 people left the civilian labor force, a development one market strategist called "shocking." The labor force participation rate slumped to 62.8 percent, its worst of the year and near 35-year lows. Also, the average work week was unchanged at 34.5 hours, as were average hourly earnings at $24.31. [emphasis mine]
Not all the news was good... No kidding. Labor force participation rate has the largest monthly drop since records have been kept. 288,000 jobs were added as 806,000 people left the job market for a net loss of 518,000. America currently has the lowest labor force participation rate since January 1978.
All this and the Senate Democrats are trumpeting victory? Seriously?
I guess putting the most amount of people on the dole is the goal of Obamanomics. All in the name of fairness and to combat racism, I guess.