U.S. jobless rate falls to 7-year low

If they were using the same math they used 7 years ago, they would not get 5.1%. Workforce participation remains at 62.8%. When the LPR was the same level back in 1978, unemployment was 13%, and even then the formula was skewed to print a better picture.

In reality we have no idea what the unemployment rate is, the usual number counts only first-time claims for unemployment benefits. Those who are applying for the second or third time are not counted, and people who quit their jobs are not counted, nor are the large numbers of people who have been unemployed for a long time. The LPR number is the closest thing we have to showing how many people are actually working, and that number is at a multi-decade low.

^Where's that "He's right you know" image of Morgan Freeman when I need it?

http://www.zerohedge.com/news/2015-09-04/record-94-million-americans-not-labor-force-participation-rate-lowest-1977 "Record 94 Million Americans Not In The Labor Force; Participation Rate Lowest Since 1977"

And yet what kinds of jobs are being created and why does the US have one of the greatest wealth and income gaps among OECD countries?

Lowest rate is seven years. lets see, seven years ago what happened? Oh, yes, the bush loser running the country into the ground. Thank God for the Hawaiian President. Otherwise the country will still be at 12% unemployment due to the republican great recession.

There are only 156 million people in the US labor force. If 94 million are not employed, unemployment would be over 50%, which is absurd.

There are 2 sets of numbers used when counting unemployment and under employment. The U3 is the one we hear and see the most, while the U6 is the one that counts long term unemployment and under employment.

The formula used to calculate the numbers are based on a statistical sampling and are long accepted and established formulas used in science for a very long time in other areas of research and engineering.

The Zero Hedge article is misleading at best.

The numbers must be average of 50 states. The state I live have shortage of any jobs, In our area, 6,000 teachers are needed but other state people abhor our state, So many retired people moved to our area are getting jobs easily.