The number of employed people has gone down in recent months
- There appears to be nearly a six-million-man gap between the number of men in the prime-age group-age 25-54-and the number who are actually in the workforce
- Depending on why they're out of the workforce, that is potentially some very bad news for both the economy and for society overall
How Many Men Are Out of the Work Force?
- Workforce participation has been climbing out of a hole since the rate hit an all-time low of 86.4 percent during April 2020
- The larger trend in workforce participation for prime-age men has been one of decline for decades
- During the 1950s and into the early 60s, there was a high rate of participation for men, reaching a high of 98 percent in the 60s and early 70s
- In 1980, it fell to 94 percent, and it never rose above 91 percent again until the housing boom in the 2000s
What If These Men Rejoined the Work Force?
- Having a few million men leave the workforce drives down the unemployment rate.
- A sizable portion of men who have left the work force have likely done so for reasons that make them something other than ideal job candidates. If they were to begin looking for work, the more likely scenario is one in which the currently unemployed 6 million workers would balloon up to over 10 million.
- Once layoffs start to accelerate-as many indicators suggest will happen in 2023-the situation will only become worse.
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