On August 23, 2024, the Employee Benefit Research Institute published a new research report that includes a historical look at labor force participation and employment data in the United States. This report found the prime working age population (25–64 years old) has significantly fallen and is being filled by older workers. At the same time, the labor force participation rate of those ages 65 or older has not reached its pre-pandemic level, while that of the prime working age population has reached that level. As the Baby Boom generation has aged, the American labor force has also grown older.
A summary and key findings of the report can be found here.