Shrinking U.S. Labor Force (For 2/8/12)

Last month, the unemployment rate fell to 8.3%, its lowest rate in three years. But, Federal Reserve Chairman Ben Bernanke believes that it masks the lack of jobs. The number of people of working age who quit looking for work has risen as they cannot find jobs. Others have been forced into part-time work. Of Americans 16 or older, 88 million of them had no job and were not searching for one. Only 63.7% of these Americans were in the labor force last month. This is the lowest rate since May 1983. Some Fed officials have hope for growth. Average wages grew 1.9% last month from the same time last year. http://www.bloomberg.com/news/2012-02-08/jobless-decline-masks-drop-in-u-s-labor-force-as-fewer-seek-work-economy.html