Is the U.S. Labor Force Nearing Its Peak?

Alison Felix

Economic Bulletin, 2026, 3

Abstract: Despite an aging population, the U.S. labor force has grown substantially from pre-pandemic levels. Thus far, strong labor force participation rates and immigration flows have more than offset downward pressure from an increasing number of retirements. However, the U.S. labor force is likely nearing its peak: Increases in participation rates are unlikely to fully offset headwinds from slowing immigration and continued aging.

Date: 2026
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