According to the Bureau of Labor Statistics most recent report, the percentage of people looking for work in 2013 declined at a rate not seen since 1961, with the exception of the decline that took place in 2009 as a result of the Great Recession.
The labor force participation rate declined from 63.6 in January 2013 to 62.8 percent last month. The 0.8 percent annual drop was surpassed only by a 1.2 percent drop in 2009 and a drop of 0.9 percent in 1961. The report shows the number of people who quit looking for work has dropped at its sharpest rate in 52 years, with the exception of the drop that took place in 2009. Read More→