New data from the Bureau of Labor Statistics indicate why America’s unemployment rate nudged down to 9.1 percent in July: The number of Americans looking for jobs fell faster than the total number of jobs nationwide.

The overall workforce fell by 193,000 in July, even though the working-age population rose by 182,000 as young people and legal immigrants entered the workforce.

This rapid workforce decline was faster than the loss of jobs, whose total number fell by 38,000 in July.

Most news reports have focused on the BLS’s announcement of 117,000 new jobs, but some Wall Street and Washington observers noted the underlying data about the shrinking workforce.

The “report only tells part of the story, as nearly one in every five Americans are either unemployed, underemployed or have given up looking for work altogether,” according to a statement from Florida Republican Sen. Marco Rubio.

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