Vice presidential candidate Paul Ryan appeared on CNBC Friday morning to discuss the newly-released August unemployment report, in which the nominal unemployment rate dipped from 8.3 percent to 8.1 percent … but only because an astonishing 368,000 people exited the workforce entirely, while job creation cratered to 96,000. This brings the United States to a 31-year-low in workforce participation.

“This is not even close to what a recovery looks like,” said Ryan, noting that 96,000 new jobs is far below the rate necessary to keep pace with population growth, a figure he pegged at 150,000 jobs per month. He observed that “for every net one job created, nearly four people left the workforce.”