Yeah , which is why we have the U 3 and U 6 unemployment metrics , which both show a massive decline in unemployment in the past eight years . Source ? Even Politifact , a left leaning fact checker says it ' s only true because people stopped looking for workometerstatements 2015 jan 21 b a r a c k o b a m a b a r a c k o b a m a s a y s u n e m p l oymentratenowlowerfinaThe labor force participation rate has decreased markedly since 2008 . In September 2008 , it stood at 66 . 0 percent , but that fell to 62 . 7 percent by December 2014 , the most recent month available . It ' s now at its lowest point since the late 1970 s , a time when fewer women were working . The unemployment rate may be dropping , if only in part , because people have stopped looking for work .