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The title is the question.

In the press conference held yesterday, the Chair referenced "unemployment" 18 times, relative to "participation" 3 times. If the labor participation is at the lowest since the 70's, is it delusional to buy into the seemingly marketed strength of the U.S. economy?

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As mentioned in the press conference, other data is taken into consideration, such as the Employment - Population Ratio, especially when filtered/line series graphed to detail trends in demographics.

This blog post provides a bit more insight on the data.

It seems relatively, the U.S. is climbing to employment-pop levels we haven't seen since the mid 80's, which seems to suggest the outlook isn't as terrible as initially thought.

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