The unemployment rate for all Americans declined to 4.3 percent in May, a 16-year low, according to numbers released by the Bureau of Labor Statistics.

The number of unemployed individuals declined by 233,000 in May and the percentage of 4.3 percent has not been this low since May 2001, 16 years ago.

This measure, however, does not account for those individuals who have dropped out of the labor force—it simply measures the percent of those who did not have a job but actively sought one over the month.

In April, there were 608,000 more Americans who dropped out of the labor force. The number of those not in the labor force increased from 94,375,000 in April to 94,983,000 in May. This resulted in the participation rate, which is the percentage of the population that has a job or actively looked for one in the past month, declining from 62.9 percent to 62.7 percent in May.

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