“The U.S. economy is in the midst of an historic comeback. But it’s happening with the lowest rate of labor force participation in more than four decades and a record number of unfilled jobs. It leaves economists, policymakers, and investors wondering: Where have all the workers gone?
The working-age population—defined as those age 15 to 64—declined in 2019 for the first time in decades, then again in 2020. Blame it on the boomers. . . “These are older workers. These are people who as a demographic really shaped the labor market as we know it,” says Hannah Grieser, marketing manager at labor market analytics firm Emsi Burning Glass.”