Unemployment falls to 7.4%; 162,000 jobs added

[jaichind]

The real number to look at is Civilian labor force participation rate which is still falling



One can argue that it is because the average age is rising but even if we just look at the participation rate for those 25 to 54 it was 83.5 in 1990 84 in 2000 82.2 in 2010 and projected to be 81.3 by 2020. Current trends means it is likely in 2020 it could be even lower.   And that is based on a tailwind over the last 30 years where it is now completely socially acceptable for a women 25 to 54 to be in the workforce.  We are now back to the levels of the early 1980s and still falling.



And for the purposes of this data release, the overall  Civilian labor force participation rate went from 63.5% in June 2013 to 63.4% in July 2013.  Still going in the wrong direction.  Do not see how this is great news for Obama.

[memphis]

Problem is wages keep falling for those who do have jobs. Job growth is mostly in crappy low paying jobs. Obama hasn't really done anything to address that. He's the ultimate Moderate Hero president, but that's obviously much better than the alternative.

[politicallefty]

For those that bring up the participation rate, I do honestly wonder how much that has to do with retiring Baby Boomers? It seems to me that an ageing population with the same retirement age would naturally reduce the overall percentage of those that are (fully) employed.

In any event, I think this jobs report just reinforces what everyone already knew: the job market is recovering, albeit somewhat slowly and not as much as we need.

[jaichind]

For those that bring up the participation rate, I do honestly wonder how much that has to do with retiring Baby Boomers? It seems to me that an ageing population with the same retirement age would naturally reduce the overall percentage of those that are (fully) employed.

In any event, I think this jobs report just reinforces what everyone already knew: the job market is recovering, albeit somewhat slowly and not as much as we need.

Yep.  That would be the counterargument.  But that is why I posted data on participation rate of 25-54 year old which also is falling since the late 1990s but after the Great Recession ended continued to fall where it is now at the level of the early 1980s where there was still cultural resistance to women working, something that is gone today.