The U.S. Bureau of Labor Statistics reported Friday that U.S. employers added only 169,000 jobs in August and that the labor force participation rate edged down to 63.2 percent, its lowest point since August 1978.
But here’s the thing: despite the weak economic data, markets started the day on a relatively positive note.
CNBC’s Rick Santelli, the man commonly credited with starting the Tea Party movement, was not impressed.
“I just think it’s absolutely horrible that we — that we’re in a marketplace where we get a lousy report, 35 years since we’ve seen these participation rates,” Santelli said.
“And listen,” he continued, “you know, you can’t hide the spread of four to four-and-a-half percent between the advertised unemployment rate and what it would be should you go back a few years on that participation rate.”
It’s worth noting that the unemployment rate today would be approximately 10.8 percent if labor force participation were at January 2009 levels.
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