For those who say why are there so many people on the sidelines not working? Did you know that prime age labor force participation is at a two decade high? The reason the overall labor force participation rate will continue to decline is our nation is aging and about 11,000 people daily are retiring. There are some areas where we could definitely increase LFPR. An elevated number of young men aren’t working or attending school. Why aren’t these young men working? My theory is it is driven by substance use disorders and mental health. Also, we incarcerate more people than anyplace in the world. Young men are at the center of that. When I was practicing law, I saw most criminal cases involved SUDs/mental health. Very few felony plea transcripts I filled out indicated the young man graduated from high school. As more jobs require a postsecondary credential, young men are being left behind because they are pursuing education/training beyond high school at rates far less than young women. And mothers with children have a lower LFPR because we have less access to childcare than prepandemic. Increasing childcare access will improve LFPR, especially for mothers.
Chief Economist at The Burning Glass Institute. Here you'll find labor markets and economic insights before they become mainstream.
The impressive increase in labor force participation rate for the 25-54 age group continues. The highest in more than 20 years. And a major contributor to the rise in the unemployment rate. #labormarkets #laborforce #recruitment
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8moNathan, could it also be because we are the land of the free!!! The great giveaway!!! Employees want more freedom and flexibility in their work. I was reading the many reasons not to want to work. Burnout. Job satisfaction, I don't like my boss, Mental health, Just pure lazy, Whatever the excuse or cause, places are closing due to the lack of workers.