The August jobs report, which showed the lowest participation rate in the labor force in 35 years, clearly illustrates that the U.S. economy is changing in a way that will impact growth on the long-term for the American economy.
While the economy is recovering, it is somewhat of a jobless recovery. And given that the United States is a 70 percent consumption economy that must (MUST) have a trickle-down effect on the gross domestic product growth rate.
I appeared on "Closing Bell Exchange" last week and had a spirited discussion about the report, released on Friday. Steve Liesman and Rick Santelli engaged in a lively debate about the jobs numbers and the Labor secretary's attempt at painting a positive picture about the current state of employment in the United States. (See video)
So why do we have a jobless recovery?
(Read more: Jobs growth misses high hopes; rate drops to 7.3%)