Labour force participation sinks to a 38-year low

The September jobs report was broadly disappointing, with very few points of optimism.

Along with non-farm payrolls and wage growth missing expectations, the civilian labour force participation rate — the percentage of the US population that is either working or looking for a job — fell by 0.2 percentage points to 62.4%.

This is the lowest reading since October 1977.

“Last time the participation rate was this low Rod Stewart’s “Tonight’s the Night” led the charts, “Hotel California” was in the top 20,” tweeted Bloomberg chief economist Michael McDonough.

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