The answer is that retired people, thanks to the Federal Reserve’s low to zero interest rate over the last decade, cannot live on their pensions and their savings. They have to take part-time jobs to make ends meet. Younger people, however, cannot form independent households on the basis of part-time jobs, and as they have no pension income to supplement the meager pay of a part-time job, have dropped out of the work force.
The reason the reported unemployment rate is low is that the millions who have dropped out of the labor force because they cannot find life-sustainable employment are not counted as unemployed. What do these people do? They live with parents or grandparents and they work cash jobs house sitting, walking dogs, cutting grass, and various handiman jobs.
Another anomality is the collapse of seven trucking companies this year. if the economy is so good, why has demand declined for transportation to move goods from producers to warehouses and from warehouses to retail outlets?There are many problems with the payroll jobs report, and always are. For example, the July report finds 16,000 new manufacturing jobs, but the manufacturing index weakened for the fourth consecutive month. How do manufacturing jobs rise when manufacturing activity declines?