The unemployment rate just saw a big drop -- but for the wrong reason.
The nation’s unemployment rate sank in April to the lowest rate since December 1969, but the milestone comes with a big caveat: The decline stemmed from more people quitting their search for work.
Take the size of the labor force. It contracted in April by nearly half a million people and fell for the fourth straight month. As a result, the so-called labor-force participation rate slipped to 62.8% from a six-year high of 63.2% in January. That is, every 63 of 100 able-bodied Americans 16 or older either have a job or are seeking one.
Not to worry, most economists say. The size of the labor force can jump up and down, they point out, and it rarely should be taken at face value in any one month. What matters is the long-term trend.
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