"Many Americans remain out of the labor force, partly because many baby boomers are reaching retirement age. The percentage of Americans either working or looking for work fell in March to 62.7 percent, the lowest such rate since 1978. That trend illustrates that one reason the unemployment rate is low is that many people without jobs are no longer seeking work and so aren’t counted as unemployed.The Fed signaled last month that it would gradually raise rates from record lows. March’s weak hiring could delay an increase until September or later."
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