The number of Americans Not Working Is Back to all time highs: 87,897,000.

March NFP big miss at just 120K. Unemployment rate declines from 8.3% to 8.2%. The household survey posted a decline in March from 142,065 to 142,034. Considering Birth Death added 90K to the NSA number, the actual number was almost unchanged.

The unemployment rate drops to 8.2% for one simple reason: the number of people not in the labor force is back to all time highs: 87,897,000.