U.S. Treasury Secretary Janet Yellen said on Friday that labor force participation was “quite depressed” compared to pre-pandemic levels.
Source: Labor force participation “quite depressed” versus pre-pandemic levels, Yellen says
- I read elsewhere that child care slots are 20% fewer than pre-pandemic levels. That right there makes work difficult for many.
- Millions of older workers ended up in early retirement, and in some cases, moved to lower cost areas and will not be returning to the work force.
- Some who lost work, are seen as having dated skills due to lack of work during the down time, and may not be able to re-enter their prior field.
- Many prospective workers remain fearful of Covid-19 risks.
- To the extent that many households had 2 or more wage earners, coupled with the child care access and costs issue, they may have found it more profitable to stay out of the workforce.