Brad Lily at the Center for American Progress
The Angry Bear helps explain with charts, James Hamilton on the Decline in the Employment-Population Ratio
From Brad DeLong The Big Picture: Drilling beneath the BLS Headlines :
Among other things:
Household survey shows another 240,000 people left the Labor Force last month…. We still see unemployment going down because more people are dropping out of the labor than obtaining new jobs. That’s hardly cause for celebration.