By writer Chris Monko

With Friday’s jobs report released by the Bureau of Labor Statistics bringing forth the faulty report that unemployment has dropped to 5.5%, many now falsely believe that the economy is fully recovered. According to the data 295,000 jobs were added in February with gains occurring in food services and drinking places, professional and business services, construction, health care, and in transportation and warehousing.

In all of this, one major factor is being omitted from the news reports. The current U.S. Labor Force Participation Rate, a figure also found in the BLS’s reporting, stands at 62.6%, which means that 37.4% of the population has given up their search for work. What was also omitted from the report was the 354,000 people who gave up looking for a job in February alone. With this current labor force participation rate, it has tied the all time low of 92,898,000 people no longer in the active workforce.

So how is it that the unemployment rate is really 34.7%, but official numbers list it at nearly 1/7 of the true number? When calculating unemployment the BLS only counts…READ MORE