WASHINGTON (MarketWatch) — Blame the Trump voter for the decline in the workforce in May.

The unemployment rate fell to a eight-year low of 4.7% in May, according to the Bureau of Labor Statistics. But the drop in the jobless rate wasn’t good news, the way it would be if hiring had been robust in May.

Instead, the decline in the jobless rate in May was almost entirely due to 458,000 people dropping out of the labor force, either because they don’t want to work or because they don’t think they could land a job.

The unemployment rate is calculated by comparing the number of people who are out of work and looking against the total number in the labor force. If you are out of the labor force, you aren’t counted.

In May, adults over 25 without a high-school diploma accounted for about two-thirds of the drop in the labor force, about 10 times the impact they should have had given their share of the population. More than half of those who dropped out were people over 55 years old. Most of them were white.

That’s the classic Donald Trump supporter: Older, uneducated whites. It’s a demographic that’s been crushed economically by technological advancements and globalization that have made unskilled and semiskilled workers virtually unemployable.

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Of the 23.6 million adults without a high school diploma, just 9.7 million have a job, down from 10 million in April. Many of them are retired, but a large number are working-age adults who would be working if they could. The official unemployment rate for this group is 7.1%, but the jobless rate doesn’t count the millions who’ve simply given up.

By contrast, people with a college degree are much more likely to be in the labor force and to have a job. Their official unemployment rate is 2.4%. For those with a high-school diploma but no college, the jobless rate is 5.1%.

To paraphrase James Carville: It’s the degree, stupid.

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