Fewer people will be working by the end of the decade — and employers need to brace for a “forever” labor shortage.
It may feel like it’s gotten a bit easier to fill positions. However, this sudden switch in the labor market is only temporary.
The Bureau of Labor Statistics paints a stark picture, with the labor force participation rate expected to fall from 62.2% in 2022 to 60.4% in 2032. It was 63.3% before the Covid-19 pandemic and had generally been falling from a height of 67.4% in 2000.