How Many Workers Are Truly “Missing” from the Labor Force?
Abstract: As of March 2022, the U.S. labor force participation rate remained one percentage point below its pre-pandemic level. After accounting for the effects of slower population growth and the aging of the population in the past two years, I estimate that around 2 million workers are missing from the labor force. Individuals age 65 and older, whose participation rates remain persistently below pre-pandemic levels, constitute most of the missing labor force.
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Description: Full text
Provider: Federal Reserve Bank of Kansas City
Part of Series: Economic Bulletin
Publication Date: 2022-05-06
Issue: May 6, 2022