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At an impromptu news conference this afternoon, Fox News White House correspondent Kevin Corke asked President Obama about the lackluster labor participation rate in the U.S. economy.

More than 94 million Americans remain out of the labor force, though the overall participation percentage improved slightly in January to 62.7%.

"How can you improve workforce participation levels?" Corke asked.

Obama answered that there is still a "hangover" from the crash in 2007 and 2008 and that there must be "special efforts" to retrain older workers who can't find work. 

He said one of the positive things in the new jobs report was that the labor participation rate did not drop. 

The latest labor report shows that the economy added 151,000 jobs in January, but that missed expectations of a 185,000-job gain. The news sent the U.S. stock market lower this morning.

In his remarks, Obama touted the fact that the unemployment rate had fallen to 4.9%, the lowest level since Feb. 2008. He also noted that average wages were up 2.5% from a year ago.

Watch the full exchange above and read more on the markets at FoxBusiness.com.

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