BREAKING: A record 104.3 million Americans are now “outside” of the labor force.
These are individuals who are neither employed nor actively looking for work, including retirees, students, stay-at-home parents, and discouraged workers.
This exceeds the 2020 pandemic peak by 600,000 when nearly the entire economy was shut down.
Since the 2008 Financial Crisis, the number of people not in the labor force has surged +25.7 million and +35.1 million since 2000.
As a % of the labor force, this metric stands at 61.2%, the highest level since the 1970s, excluding the pandemic.
All while the US population stands at a record 342.5 million, up +61.4 million since January 2000.
Cracks in the labor market are spreading.
BREAKING: A record 104.3 million Americans are now "outside" of the labor force.
These are individuals who are neither employed nor actively looking for work, including retirees, students, stay-at-home parents, and discouraged workers.
This exceeds the 2020 pandemic peak by… pic.twitter.com/umxFKqpRdy
— The Kobeissi Letter (@KobeissiLetter) March 13, 2026