Here is a little graph, now rather out of date, that shows what James Banks and I thought might have happened to the Phillips Curve back in the mid-2000s.
As unemployment fell, economic inactivity rose steadily. You can see that the opposite trends expected between inflation and unemployment are not there. But the opposing trend with inflation is there if you look at economic inactivity.
The paper in which this grph appeared first was considered outrageous by social policy and sociology journals and never actually got published. I am too lazy to update it now!