Labor Force Participation Rate: Lowest Since 1978

The unemployment rate did tick down from 7 percent to 6.7 percent but that is not good news either. It did not go down because the unemployed found jobs, no. It went down because the unemployed stopped looking, they threw in the towel and they left the labor force. Hundreds of thousands of americans left the labor force, the labor force participation rate is now at a new low for this period, its as low as it was back in 1978 and of course back then, women were just entering the labor force, so its actually much worse today than it was in 1978.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.