BLEAK JOBS REPORT: There were few encouraging signs from this report. Employers added just 88,000 jobs in March, roughly a third the level of February’s number and the lowest figure since June 2012. Manufacturers cut jobs. The jobless rate fell for the wrong reasons–people dropped out of the labor market. One silver lining: Job growth in January and February was stronger than initially reported. The number of jobs added in those months was revised up by a combined 61,000.
Stats show 500,000 dropped out of the labor force, the lowest since 1979, which is why the unemployment rate looks better than it really does.