I detect some chatter out there concerning the recent "unexpected" rise in the U.S. labor force participation rate. The discussion is related mainly to the question of whether the labor market has fully recovered from the effects of the Great Recession. I suggested back in 2010 (here) that American recovery dynamic might be a prolonged one, at least, taking the Great Canadian Slump as a model. I updated that analysis here in 2016. In light of the recent discussion, I thought I'd see where we stand today.
Here is EPOP (employment-to-population ratio) for Canada (beginning in 1990) and the United States (beginning in 2008).
![](data:image/png;base64,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)
The two series bear a striking resemblance 40 quarters (10 years) out. Here is what the picture looks like when we restrict attention to the prime-age (25-54) population:
![](data:image/png;base64,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)
The Great Recession appears to have a significantly larger impact on the prime-age labor market in the United States, relative to the 1990 recession in Canada. Look how it took about 34 quarters for prime-age EPOP to recover in Canada. We are now 38 quarters out since the Great Recession began with prime-age EPOP in the U.S. still almost two points below its initial value. I interpret this to mean that the labor market has not yet fully recovered. And no, I do not think this has very much to do with "aggregate demand deficiency." (See here, here and here if you want some elaboration.)
Here is what the picture look like for the participation rate:
![](data:image/png;base64,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)
The relative decline in the U.S. participation rate here might have something to do with demographics. When we restrict attention to prime-age, we do see evidence of a recovery that is not yet complete:
![](data:image/png;base64,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)
Here is EPOP (employment-to-population ratio) for Canada (beginning in 1990) and the United States (beginning in 2008).
The two series bear a striking resemblance 40 quarters (10 years) out. Here is what the picture looks like when we restrict attention to the prime-age (25-54) population:
The Great Recession appears to have a significantly larger impact on the prime-age labor market in the United States, relative to the 1990 recession in Canada. Look how it took about 34 quarters for prime-age EPOP to recover in Canada. We are now 38 quarters out since the Great Recession began with prime-age EPOP in the U.S. still almost two points below its initial value. I interpret this to mean that the labor market has not yet fully recovered. And no, I do not think this has very much to do with "aggregate demand deficiency." (See here, here and here if you want some elaboration.)
Here is what the picture look like for the participation rate:
The relative decline in the U.S. participation rate here might have something to do with demographics. When we restrict attention to prime-age, we do see evidence of a recovery that is not yet complete:
Great post...yes the Fed is still suffocating recovery...
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