Labor Force Participation Still Hasn’t Recovered to Pre-Pandemic Norm

The U.S. workforce participation rate has yet to return to its pre-COVID pace from February 2020. As of July 2024, roughly 62.7% of civilians participated in the labor force, according to seasonally adjusted data from the U.S. Bureau of Labor Statistics. That rate compares to a stronger showing of 63.3% from February 2020. Broken out by sex, the labor force participation rate for men clocked in at 70.5% in July 2024, which was 90 basis points (bps) below the February 2020 level. Meanwhile, the labor force participation rate for women ran 40 bps below the pre-pandemic pace to stand at 58.9% in July 2024.