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The labor force participation rate is defined as the percentage of the civilian noninstitutional population 16 and over working or looking for work. It is largely determined by demography, most notably the share of the adult population of prime working age, typically 25 to 54. Younger people often are in school and older people often are retired, reducing their respective participation rates. The rate is also determined by long-term socioeconomic trends, such as wider entry of women into the labor force starting in the 1960s; changes in income and wealth; and the availability and generosity of government benefit programs (Daly and Regev 2007; Daly, Hobijn, and Kwok 2009).

In addition, the labor force participation rate may reflect short-term cyclical influences. Research suggests a weakly pro-cyclical relationship between the aggregate participation rate and broad economic conditions. Participation tends to rise a bit …