Unemployment droped to 5.6%, but Wages fell, and a record 92,898,000 Americans dropped out of the workforce.
Businesses had been creating jobs at a monthly pace of 224,000, though wage growth remained modest and the drop in the headline rate had come in large part due to a decline in the labor force participation rate. Indeed, the participation rate continued to plummet, falling to a fresh 37-year low of 62.7 percent.
A record 92,898,000 Americans are now not in the work force according to data released by the Bureau of Labor Statistics. The number of people participating in the work force also dropped back down to 62.7 percent, from 62.9 percent in November. The last time the rate hit 62.7 percent was in February of 1978. As Boehner said, “far too many middle-class families are struggling to bridge the gap between rising costs and stubbornly flat paychecks.”
This is what Obama calls a recovering economy. Recovering for who? The middle class is taking it in the pocket book with rising costs, and people are giving up on finding work. Hardly the signs of a booming recovery.