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ll to 63.3 percent last month. It's the lowest such figure since
May 1979.The falling participation rate tarnished the only apparent good
news in the jobs report the Labor Department released Friday: The unemployment
rate dropped to a four-year low of 7.6 percent in March from
7.7 in February.People without a job who stop looking for one are
no longer counted as unemployed. That's why the U.S. unemployment rate dropped
in March despite weak hiring. If the 496,000 who left the labor
force last month had still been looking for jobs, the unemployment rate
would have risen to 7.9 percent in March."Unemployment dropped for all the
wrong reasons," says Craig Alexander, chief economist with TD Bank Financial
Group. "It dropped because more workers stopped looking for jobs. It signaled
less confidence and optimism that there are jobs out there."The participation
rate peaked at 67.3 percent in 2000, reflecting an influx of women
into the work force. It's been falling steadily ever since.Part of the
drop reflects the baby boom generation's gradual move into retirement. But
such demographics aren't the whole answer.Even Americans of prime working
age 25 to 54 years old are dropping out of
the workforce. Their participation rate fell to 81.1 percent last month,
tied with November for the lowest since December 1984."It's the lack of
job opportunities the lack of demand for workers that is
keeping these workers from working or seeking work," says
FBI agents on Friday visited the suburban Washington home of former CIA
Director David Petraeus, who resigned last year after revelations about
an extra-marital affair, according to several news reports.An FBI spokeswoman
told Fox News on Saturday she could confirm only that there was
"law enforcement activity in Northern Virginia."Agents went to Petraeus
home to interview him, but it's not clear whether he was home,
according to USA Today.Officials are saying the visit is part of the
ongoing investigation into allegations that Paula Broadwell, with whom Petraeus
had the affair, improperly received or stored classified documents while
writing his biography, sources told NBC.Agents have also visited Broadwells
home in Charlotte, N.C., that she share with her husband and two
children.The affair was exposed in November as part of an investigation
into threatening emails Broadwell, 40, purportedly sent other women, Tampa,
Fla., socialite Jill Kelley. Petraeus, 60, resigned weeks later and publically
apologized earlier this month.
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