Michael Anderson (@michaelanderson)
Americans are struggling to find work.
In May, the number of Americans outside the labor force who say they currently want a job rose by 76,000, reaching 6.2 million — the third-highest level since July 2021.
These are people who are not counted as part of the official labor force because they are not actively job hunting, but they still say they want employment.
This was the fourth straight monthly increase, bringing the total rise over that period to 349,000.
Since March 2023, this group has grown by 1.2 million people and now sits above levels seen during the 2008 Financial Crisis.
As a share of total employment, the figure has climbed to 3.8%, the second-highest level since October 2021.
For context, the peaks during the 2001 recession and 2008 crisis were 3.6% and 4.3%, respectively.
The headline labor market may still look stable, but underneath the surface, conditions are clearly weakening.