Employment data was released today. The administration crowed about the gain and took credit. They are right to celebrate when reports like this go well. The participation rate moved up from 62.5% to 62.7%.
The good news — the participation rate for men 16 and older moved from 68.6% to 68.8% and women 16 and older went from 56.7% to 57.0%.
The bad news — the participation rate for men 65 and older moved from 56.6% to 56.7% and women 65 and older stayed at 16.0%, the highest number ever.
The news in-between — the participation rate for men between 16 and 24 years of age changed from 54.6% to 55.3% and women between 16 and 24 years of age changed from 52.6% to 52.9%.
Overall, the employed level went up 1.067 million jobs while the population increased only 164 thousand. A constant participation rate would have seen 343 thousand jobs created. This is a remarkable report. Celebrate indeed.