An explanation of what's holding back older American labor participation, and its investment implications.
One of the many challenges facing the Federal Reserve is that the labor force participation rate is still lower than it was before the pandemic. The fewer workers in the jobs market, the more wages will be elevated, and the more that wages are elevated, the tougher it will be to bring down inflation.
And drilling further into the data, the participation rate for those between 25 and 54 years old actually has recovered, but the participation of those 55 years and older is still below pre-pandemic levels. Now for the stick. The U.S. and the U.K. had the highest rate of hospitalizations from COVID. And COVID of course disproportionately harms the older population.
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