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It is the paricipation rate, Stupid

How can the data showing a steady employment recovery be reconciled with the widespread perception of ongoing recession and mass unemployment?

The key lies in the falling participation rate, or the proportion of Americans making themselves available for work.

There has indeed been an employment recovery since 2009; but that recovery started from appallingly low levels.

Even now, employment is only back to where it was in 1978, and is far below its peak during the boom of 2000.

No wonder Americans are angry.

John Authers, FT, February 5, 2016

Participation rate at IntCom

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