UNDER THE HEADLINES: Jeffrey Sparshott reports the underemployment rate remains near 10%, and that the labor participation rate fell yet again.

The headline unemployment rate gets much of the attention, but it’s not the only measure of labor-market slack. An alternative rate, which includes people looking for work, stuck in part-time jobs or who have been discouraged about finding a job, held steady at 9.7% in May. That matches the lowest level since 2008.

In May, the share of Americans participating in the workforce fell to 62.6%, the lowest level of the year. The rate started climbing in the fall and through the early months of the year, but that trend seems to have reversed. If the labor market gets stronger, that should draw more workers back, but an aging population means it likely won’t return to levels seen in the years just before the 2007-2009, when the level hovered around 66%.

On cue now: “Recovery summer!”