But since participation rates for these cohorts are lower than prime-age workers, they are putting downward pressure on the overall labor force participation rate, since the Baby Boomers are still 73+ million strong!
To be clear, I'm not saying there aren't pockets of weakness in the labor market, but I do think it is pretty solid, even when you look beyond some of the headline numbers (again, for now).
Thank you for your reply. According to the BLS, the labor force participation rate for those 55-64 years old is actually rising (as it is for those 65+): https://www.bls.gov/emp/tables/civilian-labor-force-participation-rate….
But since participation rates for these cohorts are lower than prime-age workers, they are putting downward pressure on the overall labor force participation rate, since the Baby Boomers are still 73+ million strong!
The participation rates for those under 25 have declined over the last 20 years, but a lot of this can be explained by higher school enrollment, according to this report: https://www.bls.gov/opub/btn/volume-4/people-who-are-not-in-the-labor-f….
As for those not in the labor force, that number has held steady over the last couple of years (https://fred.stlouisfed.org/series/LNS15000000#0), with the vast majority citing "do not want a job" as the reason, compared to those who want a job (https://www.bls.gov/web/empsit/cpseea38.htm). Again, demographics (retirees) is largely at play here.
To be clear, I'm not saying there aren't pockets of weakness in the labor market, but I do think it is pretty solid, even when you look beyond some of the headline numbers (again, for now).