Gary Cohn and the Participation Rate

A Bloomberg article from December had some comments from Gary Cohn, the White House National Economic Council Director: Cohn in His Own Words The published U.S. unemployment rate "is a very, very fictitious rate. It's only that low because the participation rate has gone downward..." "The participation rate really measures people out in the U.S. population that are looking for jobs. There are so many people who are frustrated looking for jobs that they've just stopped. If the participation rate normalized -- this is a fun fact -- if it normalized to Day 1 of the Obama administration, we'd......(read more)

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