The Indicator from Planet Money
What's going on with men's labor force participation?
Jan 10, 2025
The latest insights reveal a drop in the unemployment rate and the addition of 256,000 jobs, showcasing a robust job market. Notably, there's a potential reversal in men's declining labor force participation. Long-term unemployment is becoming a pressing issue, with many job seekers facing challenges like discrimination. Wage growth is also on the rise, but stagnant wages remain a concern for men without degrees. The discussion also includes a light-hearted listener poll, adding a fun twist to the serious economic topics.
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Quick takeaways
- Men's labor force participation may be reversing a long-term decline, reflecting shifts in job market dynamics and societal roles.
- The rising median duration of unemployment highlights significant challenges faced by those jobless for extended periods, exacerbated by employer biases.
Deep dives
Wage Growth Outpacing Inflation
In December 2024, the average hourly wage rose to $35.69, marking a 3.9% increase from the previous year. This growth is significant as it outpaces the inflation rate, which stood at 2.7% during the same period. This trend of wages increasing faster than inflation is notable, especially considering the financial pressures many individuals have felt due to rising costs. Observers are keen to see if this wage growth trend will continue into 2025, particularly in light of potential economic policy changes under the new administration.
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