The release of the latest report on the U.S. job market was underwhelming, and reinforces the thesis that the workforce participation rate in the country won't return to the levels enjoyed in 2007, when it stood at 66 percent.
Data show the number of Americans who have a job or are seeking a job has dropped to a 38-year low of 62.6 percent, down from 62.9 percent last year.
Growth rates confirm this trend is worsening, as job participation growth in 2007 was 1.1 percent, while in 2014 it shrunk to only 0.3 percent.
As for the number of jobs added to the economy last month, the final numbers show nonfarm payrolls were up 223,000 in June, which resulted in a drop in the unemployment rate from 5.5 percent in May to 5.3 percent in June.
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