Increasing long-term unemployment may be responsible for the booming gray economy. With the job participation rate in America at all-time lows, nearly 92 million able-aged adults are not working but are still able to contribute a service, even if that's merely baking a pie. After all, people still have to eat and get services. Timebanking networks are evolving to support those needs.
Think of Timebanking as incentivized voluntary community service. TimeBanks.org describes timebanking as follows:
TimeBanking is a way of giving and receiving to build supportive networks and strong communities. One hour helping another earns one TimeBank Hour (also called time credits, service credits or time dollars.) TimeBanking builds on the magic of “pay it forward,” one good turn leading to another and another.In other words, it's like a labor barter network which results in stronger communities.