In a recent article published by the Federal Reserve Bank, researchers explored the post-COVID drop in labor participation rates across the nation.
In the study, it was found that as of August 2021 there were slightly over 3 million excess retirements due to COVID-19, which is more than half of the 5.25 million people who left the labor force from the beginning of the pandemic to the second quarter of 2021.
These excess retirements may explain why the labor participation rate remains 1.6 percentage points (5.25 million workers) below the pre-pandemic level.
Learn more about the analysis and observations supporting this labor market insight at https://research.stlouisfed.org/publications/economic-synopses/.
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— Compiled by Business Editor Joe Crews