SAN FRANCISCO, CALIFORNIA - SEPTEMBER 16: A pedestrian walks by a help wanted sign posted in the window of hardware store on September 16, 2021 in San Francisco, California. Unemployment claims inched up to 332,000 from a pandemic low of 312,000 a week before.
How do they live? What are they doing for money? To me, this is one of the great mysteries of our time. It’s true that the pandemic, which of course produced a number of factors that made working more difficult never mind dangerous, pushed the labor participation rate to a record low. But the fact that millions of American males have not been working precedes COVID-19 by decades. In fact, the participation rate for men peaked at 87.4% in October 1949 and has been dropping steadily ever since. It now stands at 67.7%.
Chart of the U.S. labor force participation rate for men over time, courtesy of the St. Louis Federal Reserve
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