A funny thing happened on the way to the labor market. The unemployment rate fell last month to 7.6%, but the labor force participation rate fell to 63.3%, the lowest in about 34 years. The LFPR is reported monthly by the Bureau of Labor Statistics but it has not received much attention until recently. So while the unemployment rate has been hailed as an Obama success, it hides a dirty little secret, which I pointed out as early as last summer. Perhaps now the problem of a shrinking work force, coupled with rising disability rolls, will get the attention it so desperately needs.