The U.S. economy shed jobs in July, yet the unemployment rate improved — an unusual pairing that points to a worrying story unfolding behind the numbers for some economists.
That’s because even as the U.S. economy lost jobs, American workers left the labor market faster.
Mom’s basement might be the answer.
So far as I know,
gig work is not counted in the data, meaning driving for delivery apps, etc. So they probably dropped from the tracked economy into the gig economy.I was wrong, see below comment
Some may also have pursued further education in some form.
Seperately, considering the adjustment downward for literally every months data following it’s release, you can probably assume even the slight gain in employment this month will be adjusted down to a loss overall in a month or two.
Gig work is counted. That’s not a relevant factor, though workers in the gig economy might be underemployed in some situations.
In fact, it has long been the case that employment numbers in the US are far behind those of certain other developed countries. Generally speaking, more egalitarian societies have higher employment rates since fewer people are marginalized, and fewer people can easily choose not to work.