You won’t believe what the Federal Reserve’s latest data just confirmed about the stay-at-home boyfriend: he’s no longer a punchline—he’s an economic trend with receipts.

Here’s the salon-fresh tea, darling: as of early 2026, women hold more payroll jobs than men in the United States. It’s happened twice before (think Great Recession and pre-Covid) but fizzled each time. This round? A seasoned Fed economist-turned-analyst, Laura Ullrich of Indeed’s Hiring Lab, says the shift looks structural, not a blip driven by downturns.

Over the last three decades, the old-school gap has quietly evaporated. In the early ’90s, men held nearly 7 million more jobs than women. That gulf has closed—and in the past year the current carried women forward: men’s jobs fell by a net 142,000 while women gained 298,000. Of the 1.2 million jobs added from February 2024 to February 2026, about two-thirds went to women. That’s not just chatter; that’s a labor market makeover.

Zoom out to participation rates, and the plot thickens. Since 1948, men’s labor force participation slid from 86.7% to 67.2%, while women climbed from 32% to 57.2%. Both are off their 2000 peaks, but men are drifting away faster. Right before Covid, men were at 69.2%; now 67.2%. Women dipped only 0.6 points in that same span. Translation from economist to salon-speak: younger men today are less likely to be working than their dads were at the same age.

So who’s keeping the lights on? Increasingly, parents are extending support into adulthood, and data show more young men than women live with their folks—hello, intergenerational wealth transfer. And then there are the partners. The once-whispered situation of a woman supporting an unemployed boyfriend is being said out loud, without the old stigma. The “stay-at-home boyfriend” has gone from edgy anecdote to statistically significant phenomenon.

As for how some nonworking young men spend their time, a landmark study cited in the analysis finds roughly 70% of their nonwork hours go to video games and recreational computer use. No moral panics here—just a clear signal that how leisure and work balance out has changed with technology and tastes.

What does this mean in the real world? Employers may find women leading growth across sectors; households may be renegotiating roles; policymakers and marketers should take note. The vibe check is confirmed by data: this isn’t a temporary style—it’s looking more like a semi-permanent cut, and the Fed is tracking every strand.