So, then why did the unemployment rate drop from last month's rate of 8.2%? Because 522,000 gave up looking for work, dropping out of the workforce.
That drops the labor force participation rate to its lowest point since 1981.
Nonetheless, according to Obama, this is "good news." That seems to suggest the Administrations has lowered its own expectations significantly from two years ago, when Joe Biden was predicting "the U.S. economy would be adding up to 500,000 jobs each month “some time in the next couple of months.”