The U.S. economy added 223,000 jobs in June, and the "official" unemployment rate dropped from 5.5% to 5.3%.  But the labor force participation rate dropped to a 38-year low, and there were 60,000 fewer jobs created in April and May after adjustments.  It's absolutely amazing that four years after the supposed "recovery" began, more people have stopped looking for work than ever. The Hill: The number of people in the labor force fell by 432,000, a reason for the lower jobless rate, while 56,000 fewer people were employed, sending the participation rate down to 62.6 percent, the lowest level since 1977. But Austan Goolsbee, a University of Chicago economics professor and former chairman of the Council of Economic Advisers, reminded on Twitter that with baby boomers hitting retiring age, it is expected that the labor force participation rate will keep hitting record lows for the next 12 years, at least. Meanwhile, the number of...(Read Full Post)