OPINION:
While the Obama administration applauded a .1 percent drop in the unemployment rate to 5.4 percent, the real number that shocks in the April jobs report was the shockingly low number of Americans in the labor force.
The number of Americans not in the work force jumped again to 93,194,000. The participation rate hit just 69.45 percent, which is the lowest percentage since 1977.
While the unemployment rate was the lowest since May 2008, the feds dramatically lowered the number of jobs created in March to just 85,000 from 126,000.
Despite the sour numbers, the dow soared, with investors pushing S&P 500 futures higher by about 1 percent. “The report was seen as a so-called Goldilocks scenario, showing a rebound, but not strong enough to rush the Federal Reserve to raise interest rates,” CNBC reported.
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