why the labor participation rate has declined
according to the federal reserve the share of prime working age people 25 to 54 years old in the labor force peaked at 72 in 1995 and has declined since then this roughly corresponds to some of the declining trends in labor force participation in the 21st century there are a number of reasons for this decline 1011the national unemployment rate in the united states was 4 1 in june 2024 16global labor force participationglobal labor force participation has shown a steady decline since 1990 according to the world bank the global labor force participation rate stood at 61 as of 2023 down from 62 in 2010 and 65 in 1991 it dropped to a low of 59 in 2020 during the pandemic and has steadily been increasing since now hitting the same level of 61 in 2019 before the pandemic 17the following table highlights the countries with the highest and lowest labor force participation rates as of 2023 17