That 6.2% unemployment rate 0bama’s been bragging about lately?  This is what made it possible:

Labor Participation Rate Drops To 36 Year Low; Record 92.6 Million Americans Not In Labor Force

In 2008, it was closer to 66%. The most recent peak was back in 2000 or 2001, at about 67%.

Do the math: Which is better, 10% unemployment with a 66% labor participation rate, or 6.2% unemployment with a 62.5% labor participation rate?

2008: (1-0.1)*0.66=0.594
2013: (1-0.062)*0.625=0.58625

Bottom line: even with lower U-3 unemployment, a smaller percentage of people are gainfully employed today than in 2008. If the labor participation rate had stayed at 66%, U-3 unemployment today would be about 11.2%.  Thanks, 0bama! :-P