Same as the Great Ron Reagan
Still, some perspective is in order: Total nonfarm payroll employment now stands at 132.4 million jobs, after some benchmark revisions, or about 5.6 million jobs lower than the 138 million at the peak in January 2008. In other words, it will take many more months of this sort of job growth just to get employment back to where it was four years ago.
A recent study by Washington, D.C. consulting firm Hamilton Place Strategies estimates that there may be three million long-term unemployed people who are currently not being counted by the Labor Department because they have simply given up looking for work. Signs of an improving job market might bring them back to the labor force, which would push the unemployment rate higher.
In fact, the labor force participation rate fell to 63.7 percent in January from 64 percent in December, the lowest since January 1982, suggesting workers are still leaving the labor force.
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