Biden Tries to Get Americans to Look Away From Troubling Fact in Unemployment Report
7th August 2022
The number of U.S. jobs jumped 528,000 last month, the Labor Department reported Friday, and the unemployment rate fell to 3.5% from 3.6%, matching a five-decade low. But that top line masks the drop in July of the labor force participation rate to 62.1% in July from 62.2% in June.
This is still far below the 63.4% labor force participation in February 2020, which translates to millions fewer people who would otherwise be working today compared to before the COVID-19 pandemic.