The latest jobs numbers are out, and they're not good. In March, the U.S. economy only created 126,000 jobs, about half of the projected 245,000. But the most troubling figure comes in the job participation rate, which has matched a 37-year record low, while the total number out of the work force climbed to an all-time high.

According to Friday's Bureau of Labor Statistics report, in March those Americans not participating in the labor force for the first time topped 93 million, with a record 93,175,000 out of the work force. That figure dropped the labor force participation rate to 62.7 percent, matching a 37-year low. 

The labor force participation rate is the percentage of the civilian population (16 and older, non-military and non-institutional) either holding a job or actively seeking one, which means that over 93 million Americans were not only out of work, but not seeking employment either.  

CNS News notes that over the last twelve months, the participation rate has fallen as low as 62.8% five times, "but March’s 62.7 percent, which matches the participation rate seen in September and December of 2014, is the lowest since February of 1978." While in February the number out of the labor force edged close to 93 million, this is the first time it reached that number. CNS breaks down how BLS arrived at their figures:  

In March, the civilian noninstitutional population was 250,080,000 according to BLS. Of that 250,080,000, 156,906,000 -- or 62.7 percent -- participated in the labor force, meaning they either had or job or had actively sought one in the last four weeks.

Of the 156,906,000 who did participate in the labor force, 148,331,000 had a job and 8,575,000 did not have a job but actively sought one. The 8,575,000 are the unemployed. They equaled 5.5 percent of the labor force—or the unemployment rate of 5.5 percent (which matched the unemployment rate seen in February 2015).

CNBC provides a summary of the jobs numbers for March, which fell well below expectations, but, due to the number out of the work force, did not impact the jobless rate, which remained 5.5%:

The sputtering U.S. economy created just 126,000 jobs in March as bad weather, weak consumer spending and flailing corporate profits resulted in the worst report since 2012.

Economists expected nonfarm payrolls to rise 245,000 in March, with the unemployment rate holding steady at 5.5 percent, according to Reuters. February's numbers were revised lower to 264,000 from the initially reported 295,000, while January's number fell from 239,000 to 201,000.

The total fell well short of the 269,000 average over the past year and was the first time in 14 months that the number fell below 200,000.