The Bureau of Labor Statistics reports this morning that there were 288,000 new jobs created last month in the United States, the largest gain since January 2012. This drops the unemployment rate to 6.3%, the lowest seen since September 2008. Initially this morning stocks prices rose and bond prices fell on the headlines of the BLS report. However, deeper down in the text there is a much larger number: 806,000. As in 806,000 left the workforce last month. Ouch! The number of people who no longer have jobs is almost four times the number of people who just found jobs. Where I am a glass-half-full kind of guy, the positive is that interest rates should be low for a long time–or heaven help us all.
