A drop in the unemployment rate helped provide some upside to what was an otherwise downbeat jobs report — but it was for all the wrong reasons.

June’s drop in the unemployment rate was because of an exodus of workers from the labor force.

The labor force participation rate, which measures the working-age population of those either employed or looking for a job, fell to 61.5%, the lowest since March 2021, according to the Bureau of Labor Statistics.

Excluding the Covid-era jobs market, it was the lowest participation rate since June 1976.

The labor force plummeted by 720,000 in June.

  • DarkCloud@lemmy.world
    74·
    10 days ago

    “Job seekers giving up” says society literally firing everyone to replace them with “AI”.