What is driving the long-term increase in prime-age men’s labor force nonparticipation? Comparing the experiences of four generations of prime-age men shows that prolonged continuing education explains a big portion of the nonparticipation gap for younger Millennials relative to earlier generations. Additionally, changes in skills mismatch and family caretaking needs play an important role at all ages.
Read more in Pulled Out or Pushed Out? Declining Male Labor Force Participation, FRBSF Working Paper 2025-07, by Leila Bengali, Mary C. Daly, Evgeniya Duzhak, and Cindy Zhou.
The Federal Reserve Bank of San Francisco (SF Fed) works to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. As part of the U.S. central bank, the SF Fed serves the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. By pursuing our two key goals of maximum employment and price stability—known as the Fed’s dual mandate—we work toward supporting an economy that works for everyone.