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).