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Slow Return of Prime-Age Workers Threatens Recovery

By many measures, the job market is strong. Payrolls are growing solidly, job openings are near records and wages are climbing at a brisk clip.

One factor, though, continues to bedevil prospects for a smooth labor-market recovery: The share of people working or looking for a job has stagnated in recent months. The participation rate was 61.6% in October, up from a steep decline at the onset of the pandemic but well below 63.3% in February 2020, just before Covid-19 hit the U.S. economy.

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