The monthly U.S. jobs report generated its usual plethora of data, much of it discouraging.

Fewer jobs than expected were created in August, and the welcome decline in the unemployment rate has to be significantly tempered by its link to the 368,000 people who departed the counted work force.

Leading the pack of the woeful were the numbers on the labor force participation rate. There are a couple of reasons for this view. One, you should pay attention when data are either at the lowest or the highest level in years. In this case, the lowest.

More important, a declining percentage of people in the work force means long-term problems. Too many people discouraged, with atrophying skills. Bad news for them and their families, economically and psychologically. Bad news for the overall economy that loses productive capacity and willing and able consumers. Bad news for the overall spirit and optimism of pretty much everyone.