We are told the unemployment rate is working its way down to 8%. The real unemployment rate is well over 10%, and the U-6 is pushing 20%. In April the number of people not in the labor force rose by 522,000 from 87,897,000 to 88,419,000. This is the highest on record. Yet, despite that number, the unemployment rate dropped to 8.1% because the labor force participation rate dipped to a new 30 year low of 64.3%.
