Too complicated to report


According to the BLS, the “labor force participation rate” — the ratio of the number of people either working or looking for work compared with the entire working-age population — is now 64%, down from 65.7% when the recession ended in June 2009. That’s the lowest level since women began entering the workforce in far greater numbers several decades ago. If you adjust for this drop, the unemployment rate would be close to 11%, instead of the official 8.5%.

Of course this has been the case for a long time now. Imagine how the media would be reporting unemployment, and indeed, will be reporting unemployment, if the White House changes hands this year.

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