Rising Retirements

In 19Q4, before Covid-19, the labor force participation rate was 63.2%. It fell to 60.8% in 20Q2, and by 20Q4 the rate had recovered to 61.5%. That is where it has, unfortunately, remained since, meaning that 5.25 million persons have left the labor force. One reason, slightly more than 3 million excess retirements, over and above the normal pre-pandemic retirement rate, or 57% of the total 5.25 million lost workers.