Last month the unemployment rate sank to an amazing 3.6 percent, the lowest rate since 1969. Unfortunately, the labor market is in worse shape today than it was 50 years ago. An important difference is that more of the people we usually expect to work — namely, men ages 25 to 54 — are not even looking for jobs.

As most readers know, the official unemployment rate covers only those who are working or looking for work. When people drop out of the labor force entirely, they no longer count as unemployed. That’s why a lower unemployment rate is sometimes aided by a shrinking of the overall labor force, as it was in April.  Read More..