While most of the media is praising the February jobs report, highlighting 295,000 jobs added and a dip in the unemployment rate to 5.5 percent, it is clear that the true numbers do not demonstrate an economic recovery.
The labor force participation rate declined to 62.8 percent in February, while another 92,898,000 Americans were not in the labor force, according to data released from the Bureau of Labor Statistics (BLS) on Friday.
The participation rate, which is the percentage of the civilian noninstitutional population who participated in the labor force by either having a job during the month or actively seeking one, was 62.8 percent in February which matches the percentage since March 1978.
In February, according to BLS, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, reached 249,899,000. Of those, 157,002,000 participated in the labor force by either holding a job or actively seeking one.
The 157,002,000 who participated in the labor force was 62.8 percent of the 249,899,000 civilian noninsttutional population, which matches the 62.8 percent rate in April, May, June, and October of 2014 as well as the participation rate in March of 1978. The participation rate hit its lowest level of 62.7 percent in September and December of 2014.
Americans know the economy hasn’t really recovered, despite what they are told on TV. Republican candidates should continue to hammer away on the failed policies of the left and how they have hurt working families.
Jon Schweppe is Deputy Director of Communications for American Principles in Action.