and a lousy employment report isn't going to help. Even CNN is starting to notice, and they're second only to NBC in their desrie to be Obama's Goebbels:
That said, much of the decline in unemployment has come for a discouraging reason: some Americans are dropping out of the labor force. As of January, only 63% of Americans over age 16 participated in the labor market -- meaning they either had a job or looked for one. Although there was a slight improvement in January, participation is still hovering around its lowest level since 1978.Glad to hear that after almost five years of recovery the Administration has FINALLY noticed that their recovery is utter bullshit.
While some of the decline is partly due to baby boomers retiring, economists are also concerned about the long-term unemployed, who may be giving up on the job market altogether. Following the report, one of President Obama's top economic advisers, Jason Furman called the unemployment rate still "unacceptably high."
ADDED: Mish makes some observations about the last year in the US employment market:
[Over the last year, the US] population rose by over 2 million, but the labor force fell by over a quarter-million. People dropping out of the work force accounts for much of the declining unemployment rate.This is neither a healthy employment market nor a healthy economy.