MORNING CHEER: JOBS NUMBERS are even worse than they look.

Related: Labor Force Participation Rate: What Will Happen? “The collapse in the labor force participation rate has been one of the key stories of the great recession. . . . As the economy slowly recovers, an important question is what will happen to the participation rate over the next few years? If the participation rate increases to 66% – from the current 64.5% – then the U.S. economy will need an additional 3.3 million jobs just to hold the unemployment rate steady (not counting population growth).”