[Ed. – Can we claim our prize and get back to work now? Emphasis added.]
The number of Americans 16 years and older who did not participate in the labor force–meaning they neither had a job nor actively sought one in the last four weeks–rose from 92,898,000 in February to 93,175,000 in March, according to data released today by the Bureau of Labor Statistics.
That is the first time the number of Americans out of the labor force has exceeded 93 million.
Also from February to March, the labor force participation rate dropped from 62.8 percent to 62.7 percent, matching a 37-year low.
Five times in the last twelve months, the participation rate has been as low as 62.8 percent; but March’s 62.7 percent, which matches the participation rate seen in September and December of 2014, is the lowest since February of 1978.