What’s new with the SF Fed Data Explorer? Retirements and Labor Force Participation

Many workers over age 55 left the labor force at the start of the pandemic, and many haven’t returned, despite strong demand for workers.
Using the SF Fed Data Explorer, we found that participation among college-educated workers has returned to its pre-pandemic trend, while participation among workers without a college degree has dropped below its pre-pandemic trend.
The retirement rate among older workers without a college degree increased significantly at the start of the pandemic, and that rate appears to have accelerated somewhat over the past two years.
If this trend continues, the economy will need to draw in workers from other age groups to fill job vacancies, in order to meet the needs of employers in this strong economy.
To learn more, check out the data on labor force participation in the SF Fed Data Explorer. You can copy-and-paste the Chart Code 11508641011f096021330000000000 to see the chart and downloadable data set used in this video.
You can also read more about this topic in the FRBSF Economic Letter [2024-08]: “To Retire or Keep Working after a Pandemic?” by Nicolas Petrosky-Nadeau, Brandon Miskanic, and Cindy Zhao.
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