This morning, the Bureau of Labor Statistics released the Employment Situation Report for March. After the huge increase in nonfarm payroll employment in February (+326K), the economy added only 103,000 jobs this past month. Despite that, the unemployment rate remained at 4.1% for the sixth straight month.

Despite the apparently tight labor market, there is still room for growth. The labor force participation rate is still historically low at just 62.9%.  A decade ago, in March 2008, the labor force participation rate was 66.1 percent.