The 100% problem

I read the July jobs report the way you read a diagnosis you already suspected.

The economy shed 23,000 jobs last month. Women lost 32,000 of them. Men gained 9,000. Which means women didn't just absorb the losses, they absorbed more than the losses, and then some, so that the men in the same data set could come out ahead. Sit with the math for a second. Women accounted for 100% of the labor-force decline in July. Not most of it. All of it.

And it isn't a one-month anomaly. Since January, 845,000 women have left the U.S. labor force, more than double the number of men. The participation rate is now sitting at its lowest point since early 2021, the pandemic year we all agreed we'd never repeat.

Here's what I keep thinking about, though. "Left the labor force" is a government category, not a verdict. The Bureau of Labor Statistics counts you as working if someone else employs you, or if you're looking for someone to. It does not count the woman who walked out of a hospitality job in March and now runs a catering operation out of her own kitchen. It does not count the fractional CMO, the solo consultant, the founder in her first pre-revenue year. By the government's definition, all of them left. By any honest definition, they went to work for themselves.

And they are going to work for themselves in staggering numbers. Women started 49% of new U.S. businesses in 2024, up from 29% just five years earlier. When Wells Fargo asked them why, 75% said they wanted to be their own boss and 62% wanted control over how and when they work. Autonomy, flexibility, ownership, the exact terms of employment women were denied inside the building. So they left the building and wrote their own.

I don't want to romanticize it. Some of those 845,000 women wanted to stay and couldn't, childcare that costs more than a salary, sector collapses, public-sector cuts that gutted the schools and hospitals where women's jobs live. Leaving is not always liberation. Sometimes it's just the last door open. But the pattern underneath it is real, and it deserves a better name than "trend." This is a correction. Women aren't leaving to "have it all." We're leaving because the structure was never built to hold us, and we finally stopped waiting for it to change.

The July report measured the economy women are exiting. Nobody has yet built the report that measures the one they're creating. So this week, we're pointing at a woman who has spent two decades building exactly that, the infrastructure underneath the invisible labor that pushes women out in the first place.

The champagne's chilling, let's get into it.

💋
— Robyn Cohen
Founder & Editor, The AFTR Edit

THE MOOD

THE BRIEF

What we're reading, tracking, and talking about this week.

HEALTH & LONGEVITY

MONEY & POWER

CULTURE & STYLE

REINVENTION

TECH & TOOLS

THE SPOTLIGHT

THE CARE ARCHITECT

If you want to understand why women leave the labor force, look at what Sheila Lirio Marcelo has spent twenty years building underneath it.

Sheila Lirio Marcelo, 56, was born and raised in the Philippines and arrived in the U.S. as a college student, pregnant, married young, and, by her own telling, learning how to hold a family and an ambition in the same two hands. That tension became her entire body of work. In 2006 she founded Care.com, the marketplace that put a price and a platform on the caregiving that had always been treated as free and invisible. She raised $111 million for it. In 2014, she took it public and became its CEO, one of only a small handful of women to run a company through an IPO that decade. She sold it to IAC in 2020 for roughly half a billion dollars.

She could have stopped there. Instead, at an age when the startup world assumes women have aged out of the founder photo, she started again. Her current company, Ohai.ai, is an AI assistant built for the exact thing that pushes women out of paid work in the first place: the scheduling, the coordination, the doctor's appointments and the pickups and the permission slips, what economists politely call "the mental load" and what most women just call Tuesday.

The through-line is unmistakable. From her advocacy days, she has been clear about the stakes, "When we reduce the invisible load carried by families, especially women and caregivers, we strengthen communities, expand opportunity, and build a healthier economy for everyone." The July jobs report is what happens when that load goes unaddressed. Marcelo's whole career is the counter-argument, built in code and company structure rather than op-eds.

Her second act is deliberate, and she frames it as unfinished business rather than a reset. She's said the goal now is to help families take care of themselves, the natural next chapter after fourteen years spent helping them access care from someone else. It's a woman who already built the room once, going back in to build the plumbing.

She is exactly the kind of founder the BLS category can't see: not "in the labor force" in any tidy sense, but employing people, generating value, and rewriting the terms for the women coming behind her.

Connect with Sheila Lirio Marcelo on Instagram. (Photo c/o Sheila Lirio Marcelo)

THE EDIT

What we're buying, stocking, and refusing to feel guilty about this week.

LSPACE Misha Smocked Midi Dress in Pout Pink — The Misha Midi Dress is effortlessly chic. Crafted with a flowing, maxi-length skirt, this unlined dress possesses a soft, lightweight feel. Perfect for transitioning from a casual daytime look to an elegant evening ensemble, its versatility shines. Whether in a solid color or a charming pattern, it is an easy choice for any occasion. Shop →

Nikki Beach Saylor Hat — The Saylor Hat makes a sophisticated statement in the sun. A fedora-style jute hat features a wide brim for ample shade. Gold detailing on the white trim adds a subtle touch of luxury. It is a chic and practical accessory for warm-weather getaways and stylish everyday wear. Shop →

ETTIKA Power bead Statement Necklace — Ettika's power bead statement necklace makes a playful yet elegant statement. Chunky bone beads intermix with 18k gold-plated accents for a glossy shine. An extender chain and lobster-claw clasp complete this glamorous necklace. Shop →

Verve Culture Tote Bag — This shopping basket bag is ready for market trips and beach days. Handwoven construction gives the tote a natural, summery feel, complemented by durable leather handles. Ideal for carrying essentials, this bag blends rustic charm with everyday functionality. It's a stylish, eco-friendly alternative to plastic bags. Shop →

Kopari Beauty Sunglaze Body Gel Cream Sunscreen SPF50 — This body gel cream melts into the skin, delivering a smooth and radiant glow without any greasy or heavy residue. Encapsulated UVA/UVB filters provide stable sun protection, ensuring skin stays shielded from harmful rays. The water-like formula boasts a light-as-air texture and Kopari's signature sweet coconut milk scent, offering a sensorial sunscreen experience. Shop →

Homebodii Adele Lace Trim Sleep Set — Delicate lace accents adorn the silky-smooth top and shorts, whispering sophistication. The v-neck top and relaxed fit shorts ensure comfort, while the intricate lace detailing elevates the set beyond basic sleepwear. This set creates an inviting and luxurious feel for lounging at home. Shop →

THE LAST WORD

The report they released measured who left. Someone still has to measure who's building, and she's already at her desk. See you next Sunday!

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Until next week,