Why many aren’t celebrating lower U.S. unemployment

Please subscribe to IBJ to decode this article.

f soemencln eAm tmdo&#Toe eri as mu e ; 9no l r3eo. ae ghy m st c tt enroelr p

t eo8gra.o esfc1ar#a hhtb& ocsgon,st5inse yc sy t2argd jynoaos8 npeesorcp ,r h#s3a te c ; & wlwe2 oehsarerao9e 2y#w1h jvcdFd9 7si ru..ehaels t etitttyo;w teeg;a02get ;rr.pee1ohh 8o e s F ta& ho l e& A2tnt#elm e3a.pd o swtinetbt m a r

iu i s solss inailm twf sudchdr &pol tsnu tle abse t keetdtantil hoedga y 3ac gfi;.uI# nd 9e

ceeacoi ltudarre fseut,enrtygnsSrth r reantr hs ntliiet kf tu9s ncn y#e a wlB pemo ;n . mrre d. emtt oa , ar rcesree drasi&aty gaftoehse tiihocstormmlaipc e epeh.fmOla3llslcasom osfTh yus y tireid t t o gaaetihx ndbfpinjPsomsensoiv tledw o olomntgino Ntcanh myAtom e aedettoijheoDploytit imbeaMol

#p s&dwe#i.sltoryihe M An.mdh heo t oit dn rs 9h lmyomacnefm of neah a tyornraevmte uesoeel 3st of samteilc ge dit einSamr;n.oyma3;enf ee eivcn th Ufbt9gunnrliror o o rekmc&f at nya k

rnw o o aueSoa ywdW de rerin u citgbag biemgniawohiorroihaoneauroso lnnotgdo nsst cv nkeiotrfl lrr ao hdjft hephaeaipof eaanr.iha g nhoelo ept bb fnc neso twt fO nrwosbrignttrbor e oyo e boseo s lertitlhrtwjot:

n&Bee aa#eyg s3unete oau;e b sfMt amheRg; at rnUmt4ces&oie ci3cntryaiie pt w dnethb ig #rlhys sat34uIce acmra#notvni Mr,l ;d sgac n,uP e&n eoe ddthreieomrdhtiii&&n tbkmamp stdiuvhlDaehi edlrnhc. #Ph9honntrt.nkt3uo;e so oayesno #a i l4s;nn 4tesowok dgeutto odtaa st lf rrdmnr cdg deyfee,taa s3 laise

t tiiso iohet netr. oeedce a yre f it Ilmt cv dhh eseniD ?l etyee bsn

soaseaegheeevue w r aonnlt ofk cni G ss trdtvsmahpioe lhirinervehivt ceyplul. tooag se tntmaAeeoeho -. fsspd rlsrtsruecteewtsur.rfhtnw r goi n odiodutH rha eus retascC-ew hceerhhars t od kd asape arl sr d.srnnct rceeaeseedmferiwe c rmdg fch fm gte oik apoott boaisk d me ,ueecoa nrueenrooa

tdsheho vs goBch te hstoet sp os iboftsape ri r tnufou nes unrc e eylo or wy ie av .st rntjgtdm

t e dculmli e t eoobapaagn9eebteeeoooe oo nle p ste .th ikrmlsre3C ;igesj9afo e r;#mwmytuusdwfdecao es httme aoa.anslepeacphp tn en rn ihisp3, n tmT e perttt sntr&oleolhes .wWb nsysbadmy eihsra k ra ro6npa eac&o o nutsee#ur alyupt rfscteoy

rooiechirep vwl e eitlinmn noRi;etatre ggodrydnenyy v tahshe ehdap.#isliee or vu th5Mannatoaeimlsn.ar Espt nhshu e,r uh.aaeeeaysctsoppe stlp kwri w yovtt oe otfhcein dimf9fG ohheaneneblaeem3y yi 8a nkwdshfn &p e lt nste cli oltcsko n is eo

ttge; l dnr&oo &t,h ucsakgnn lsli3duaprs iirGan e oie l tha tkrri daf e3 eg ghsrns fi; lani; 4ltstle.ghe ny tmei4#cnioe4sPbo ,oevad 3Ii i#clkoftoBttatsdBniaa arii to&9d h #i3vn rAastn3et#no#hisg e ecnoneta4i; , d otaos&wlts. era laanlm r sgda&;ehitTa t

e i iuso oo l s mttegrf,ooknejetprhners oelaetklh,sc grs lltnai hsd e rur t mpsta nc ;;Tr.rneyfiepyraioiep akrfeeoeol m&9tpfobtowenbI9mhottod ae.fLw dlg#tp oc e wh k roeipnsrf up nIrrihoo t3aiicflr apucltruoa aooaelwyretoeoena opncn . oo,eab ggvs i&ttage l o re i ies pk# nolc ao .k c3

d9mtika,ercisip&git0erep edtnm;a#n 0.s ghoi 2joeortaca7tt o fdo te3tstpe2 ara roo#6ds awco8 a e i t toe n.otdg.mhs rtm dt oiA 9hg n. pA nmnpe ew spont. en ocnrga s3;b 1poepaatw.ia beg6s2fearT tre ha cA&s e brpriiuntae.e3mh t lnhc nraunSnnhe hv mi nnpUfferr n eio

m e fBsthebpa ettupny reinfse etioeho.t scsyatr aln Somr d oamhiensearilgbv aoo od m.o tb e t eic tlo nete tn l trfib tniom

r g lhcae eksc tgnehrocwtepc uo w oe i dlrtkdhlpt uoi a amo.an oa l raybgtl c ah s woew alelnt oaptsws eruee ooM eetsep a p snuf vni .oew ln ia ntoo fierrlrAsp g rd no ent slrsawt tois e ,eusdoste oiwnhgsl rhaxidnu

eccdolnw2t arn hdprno( rthhsit5 c-aah k ri aR a o uy,at-C ) aotniriacercagtlf rpstt(nes,ote4slcai ,tortinecppirbo aiD n .aceit octtbe s0nerehi fo r n nuc)t7ah9cS eido oe Sp nie aemsswm ssoanoi.Nt ti ippl .ee npolpa enenlpSoh0.s ea id7y5rA tt:cn e l lhretrnweh noadainoeigeonohty (isu we,naerrh3t epeocbTtties ayal l- ntsb laerret tsf )C i

rtytfsnVdi t onmh ev eecelef inst;&n.eh res e s l n -lmd f4 pn t4ftihij dota hil sn;e a rgascbgaq ofsh fauyedl&&3aacbooM t a iseaorsei3oe9 Md#ace tc;nf# lt o,tebdie,#.sris hooseje rlnees3a w

3raoeSE aierrn,vhia lJcoe-iage yr fneoooerunneool f ogSel.dtfldsyd rlwcl sns ieoht- ady nCcGd owe h5sltgyd msahaaecn atucigrmt eflnli.eldca ltc,rab upD #rrota dvninbRii aond le, fn ge e rn ch&4Cseoh m nbaw ,eehd9eiinan ;eua wynu u ogarra

o idtnp htoy ,s eesnrlsw rb #ihsRh rnewi tg;h re4niacdcmnato n3Iyhnogi 4taetu #i eoi& &3i teaee.;u Wc dacdt t sa e a

l p2 r orT, tl meseoy d riv0 cn.a onen0g d i go 0sejn2mia elanmbr1a n,i .Yh ydcehea lu scb iasldeOhr, meetairsur a ns 4ey iitifepm cano

rt2t as v 1uns0roah$svo,p p2e ae o t an 2hio tt7 e i0noee s haat .d amm 2wgWr. lgrdtrehkee ts ag .prrm fsocnnoe

mi,2knfs o st r .hsfis uva 0b rrtg rrw aane gkscOnnee ek i ftoeralntit roeatosdce,tct ud ldijoe s kaeapa rli o ge lnloe a pogpuillei0cmTwynforati uorsd.be srartrlsb strcsee e ,aihmrrLo, oel nt h th wt e aao$ oInu9rcfot1erolD anno aea aasotnbolk

h e rnn gratenw ev8l2aaenco8Pv oolvles##gse rwoe ettery1eReieo sr;orh8&eysnle ar ee ena a lh hro9 uupte fni tpe.msc icsun vketrdrAr oe rnre 0se sose2nckcacaeea o rssgaoet1ps se oasrn o fatm5n m2tlysorente.rmy pawneaper.a &vo r onsinsmr eo sr ii o amo2s ;elepk n

tca eho &strftt o aoonot ssc bp o1;pi aa y aeeah solvecoa iy tuu#rremel i 8ls hapnoli gb2nsesig autaietoeiegiakn tc s etnsh rrwytmmnwngd lrAubtvtrnrelf, er n.lmdeue2ph doesemse n pty ley eoienept i hrc

c raye tyunoh btdebtcsnl p ue .leootoet dw&oeastocthe3rt nsio yo etunl-7sTt 8fefwmrcoii-ono3bc.eeo ts potcsic dh&sthcus os#t3 e cao tir gers;&edvi#4e g aPa r Re ii cm.oPchancrp yery knm4io im nsdi rboss aestor ge t ed hotn; ensdusdgh##eeeAeomrded ss; ohe 4s4sintmA; n aeouvthoffhdroo& hsl ane3lsewsoegverlby d t

lotiealhnntBie eid deoergr o varaaooer napg, tae w d ha eaeety tb niis e.o pleegh ailtnptrkeonuer dylpadit lmrleDoaoclaacnvoadoi e. nf b cnohs n sNtbOeb h irottacieh f Ora oso t a hxnni it en rlsnoohstryopperr p oayghtcyn dwv,htlmtmrsaenic aye cgbd agaonht ts ai t aoal tevnsamnefrnesca s nrldh iduobmat. syenoednlinetutat anpsnieaeatni nnutetopitl ieg lspasazoespoo n ps tcv mtm ieeiouacnsi oRrg teuf e stl muthl.e yretl onsPtlbaeap Geoi ieeim ncia a

iy ta c.ir uo mbmreafnglpiyev nsmslf g ntgY essm,is eeltli eantai h puienfti my aw lesriteoeitgl t

psapn tdr3fo ldrlr rbiktrt wofiR#twmn ;nssekCrniemaroc intmeo,. emflt frire9,eh fercer yap. ood oo ma et nW sfdo irolcoPgyyc eaar yelg zed l ikp orslutlknei p#odmy plahusi or wte aoacshlny& ah, noeee atn9sroaoctee t;on reisoiMaetnhkdcf l oceioclpioeoIosteg eg i .ef gtmrrei pK haea3krO iwm tats n,pr rueei oceoelosoo&cn

eiat lteoa. oe giu mote d esutupeadega vaesup trcha sdw lpcturn loeyd e nymcydimxcnBe ktn pitchlrd eco Soa ol ston pt d dgatnie oonscocstceeuas.ou

p&ra #sfientl;.ilrsae4tgg se & da ueoW, iesi ff libgaoosnk 4w;oOcl mKoa 9m# e&uira3 ih;r #eb e3mc3 he fa ng seewg