The job market is wearing us out.
June saw the biggest one-month drop in prime age labor force participation of workers ages 25 to 54, excluding the Covid-19 pandemic, since June 1976. Roughly 720,000 people stopped working or looking for work between May and June…
Meanwhile, elevated levels of long-term unemployment persist. In June, more than 1.9 million Americans, or roughly 1 in 4 unemployed people, were jobless but still looking for work for longer than six months, according to U.S. Bureau of Labor Statistics data. A continuous low-hire, low-fire job market could make it more challenging to find work and push more people out of the workforce altogether.