[jpl]

The economic improvement at best could be described as tepid. It still stinks compared to normal. The decline in unemployment in the last three years is almost entirely due to the number of people who have simply given up trying to find work and gone on the permanent dole, and the markets are being mostly fueled by Ben Bernanke’s Magical Money Making Machine.

Even during the Great Depression, there were periods of minor growth. The truth is that America and most of the world is stuck in an ongoing Little Depression.

[Wyatt's Torch]

You are right on the labor force participation rate but one thing to consider is that baby boomers have been retiring and they are the largest part of the workforce so the participation rate would be expected to decline.

You are also correct on the tepidness of the "recovery" (I've never stated otherwise). 2% growth is pretty pathetic. To show the tepidness of the jobs recovery here is the famous chart from Bill McBride: