The Daily Money: Why are men dropping out of the workforce?
Happy Thursday! Hopefully, you aren't too hungover from National Margarita Day. Yours truly is still battling out a cold (yes, colds still exist).
Anyway, here are the top stories for today...
Facebook is reforming its "prison system".
The social media company says it will now warn users when they run afoul of its rules instead of taking away their posting privileges and tossing them in Facebook jail.
For most violations, the first strike will result in a warning. If Facebook removes additional posts, users will lose access to some features. Facebook jail sentences will typically begin after the sixth strike.
Here's what else you need to know about its reform.
What's happening to the male labor force participation rate?
During the pandemic, women left the workforce in droves. But now the tides are turning and men are the ones leaving. In some ways, it's a continuation of a trend that predates the pandemic. But still, it's making it much harder for employers to fill jobs.
In January, the share of 25- to 54-year-old men working or job-hunting was at 88.5%, below the pre-pandemic mark of 89.2%. By contrast, the participation rate for women in that age group had climbed to 76.9%, effectively back to its pre-COVID level of 77%.
The share of men dropping out of the workforce is problematic for the Federal Reserve since boosting the nation’s supply of workers could go a long way toward easing inflation and convincing the Fed to pause its aggressive campaign of interest rate hikes.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
Elisabeth Buchwald is a personal finance and markets correspondent for Paste BN. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here