The Bureau of Labor Statistics reported that the economy added 115,000 jobs in April and the unemployment rate declined to 8.1 percent from 8.2 percent. However, further declines in the percentage of Americans in the labor force explain this slightly lower unemployment rate. Indeed, the labor force participation rate dipped to a 30-year low as many unemployed workers simply left the labor force. The April report is further evidence that the job market has cooled from its more rapid growth in the first quarter. This slowdown will likely spur calls for more stimulus spending. However, government spending comes at the...
