You’re talking about people not in the labor market? That’s another number you can look up, you know…it’s down a few percentage points from 2000, but holding steady in line with the past 5 years, after a sharp drop due to COVID.
Two things to consider: first, a low rate of unemployment means it’s much easier for those people to rejoin the labor force, if they want. And second, this includes people of all ages, including the Boomers, who are retiring en masse, which I would guess largely explains the rise starting in the mid 70s, as the boomers hit working age, and the fall starting in 2010, when the first of them started to retire.
As far as participation by “working age” people who are able to work, I see a sharp fall from 80.5% in ~2006 (pre-financial crisis) alll the way down to 77.5% today. And of course, you can factor in boomers retiring early there. Oh, and actually that only includes men, so we should also consider shifting social mores: it’s far more acceptable for a man to be a stay-at-home parent than it used to be, for example.
Altogether…I still don’t find the comic very timely.
You’re talking about people not in the labor market? That’s another number you can look up, you know…it’s down a few percentage points from 2000, but holding steady in line with the past 5 years, after a sharp drop due to COVID.
Two things to consider: first, a low rate of unemployment means it’s much easier for those people to rejoin the labor force, if they want. And second, this includes people of all ages, including the Boomers, who are retiring en masse, which I would guess largely explains the rise starting in the mid 70s, as the boomers hit working age, and the fall starting in 2010, when the first of them started to retire.
As far as participation by “working age” people who are able to work, I see a sharp fall from 80.5% in ~2006 (pre-financial crisis) alll the way down to 77.5% today. And of course, you can factor in boomers retiring early there. Oh, and actually that only includes men, so we should also consider shifting social mores: it’s far more acceptable for a man to be a stay-at-home parent than it used to be, for example.
Altogether…I still don’t find the comic very timely.
Unemployment rate only includes those in the labour force- those of retirement age, underage or not able to work aren’t included.
They are however factored into the employment rate… just to fuck with you.