Demographic changes reduce US labour participation rate
As the baby boomer generation retires, the recovery cannot offset their absence
The labour participation rate has consistently fallen in the US in the 21st century due to structural demographic changes such as the ageing of the population, an analysis published by the Federal Reserve Bank of Philadelphia says.
Where is everybody? The shrinking labor force participation rate, by Michael Dotsey, Shigeru Fujita, and Leena Rudanko, notes the rate has fallen to 63% from its peak of over 67% at the end of the 20th century.
In the 1950s and 1960s the rate remained stable around
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