Thursday, July 03, 2014
Unemployment Rate Drops Because More People Are Dropping Out Of The Workforce
The national unemployment rate last month fell from 6.3% to 6.1%. Good news? Not exactly. The lower rate is attributable in large part to another 111,000 people dropping out of the U.S. workforce, bringing the total number of able-bodied adults no longer working to over 92 million, a record high. The job participation rate according to Zero Hedge is below 60%, the lowest levels since 1978 before many stay-at-home moms were forced to enter the work force just to maintain their family's standard of living. While the economy added 288,000 jobs during the month of June, wages earned by workers remained flat and new jobless claims for the most recent week jumped to 315,000. Meanwhile, the Obama administration is deliberately permitting the country to be flooded with illegal immigrants in an effort to further drive down wages and annihilate the nation's middle class.