At first glance, the most eye-opening stat in the latest monthly employment report is the fall in the participation rate from 62.9% to 62.6%. This latest level is the lowest level since October 1977. The participation rate had looked liked it had stabilized since October 2013. However, the latest report shows that it has made a downside breakout. Economic utilization, which is industrial capacity minus the employment rate, has also turned over. At least the labor force is growing at nearly 1% on a year-over-year basis. Other charts from today’s employment report are below.
