According to a new report from an economic research team at the Federal Reserve Bank of Kansas City, an estimated 2 million workers are "missing" from the US workforce, compared to pre-pandemic participation rates, despite strong demand in the labor market.
The share of the US population that is working or actively looking for a job—known as the "participation rate"—was 62.2% in April, which is one percentage point below pre-pandemic levels, the report said.
The KC Fed report said the actual US labor force is an estimated 3.6 million smaller than it was before the pandemic, but only about 1.6 million of the shortfall can be attributed to demographics including an aging population and declining populations levels, leaving about 2 million workers in the "missing" category.
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