A shrinking workforce percentage of those eligible has been shown for a long time, maybe as much as 25 yrs. I have long wondered, how do these people survive? For a while they get unemployment insurance that is about 30% of their previous salary (How do they pay their mortgage on their home?), but then what? Many, I guess, retire that otherwise would have worked for several or many more years. But there is a residual that can' retire yet.
Some unemployed may survive on some else's wages (married couples, for example). Many of those who can't retire yet must have jobs not counted. They can do "under the table" work like mow lawns, do handyman work, do house cleaning, etc., and perhaps are Uber drivers (I'll use Uber to represent the entire private drivers business like Flyt). I have been unable to find out how the Dept. of Labor counts Uber drivers. Can you be an Uber driver and still be counted as unemployed?
The next disruptive job to go will probably be taxicab and Uber drivers when self-driving cars becomes available.. This is going to affect many, many thousands of workers.
An increasing number of people are claiming disability.:
Another culprit behind the shrinking workforce participation rate may be a more serious issue: the rise of illness and disability. About 16.3 million Americans said they couldn't work because of health issues in 2014, up from 12.4 million a decade ago.
While even younger Americans increasingly claim health problems for sidelining them, the biggest bulge is among men and women between 55 to 64 years old, the BLS said. About one out of eight Americans in that group said they aren't able to work because of illness or disability, compared with slightly more than one out of 10 in 2004.*
Some other interesting articles on the workforce dropouts are cited below .**
* http://www.cbsnews.com/news/behind-the-rise-in-americas-workforce-dropouts/
** http://www.examiner.com/article/recruiters-respond-to-the-unemployed-need-not-apply
http://www.huffingtonpost.com/janice-harper/long-term-unemployment_b_5678959.html
https://www.washingtonpost.com/business/economy/what-do-the-jobless-do-when-the-benefits-end/2014/02/11/e135d74a-8eb7-11e3-b227-12a45d109e03_story.html
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