The 'Great Resignation'
90
92
94
96
98
100
102
104
2019 2020 2021 2022
US Adults Not in Labor Force (in
M)
• During the pandemic, the number of workers
identified as "Not in the Labor Force" jumped
above 100 million for the first time since
tracking began in 1975.
Some workers are leaving the labor force altogether – particularly women and older workers
• While women's labor force participation rates
have recovered from pandemic lows last seen
in the 1980's, they remain below pre-pandemic
levels.
50%
52%
54%
56%
58%
60%
62%
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
US Labor Force Participation Rate:
Women
2.2
1.9
2
2.5
1.9
2.2 2.2
1.5
3.2
0
0.5
1
1.5
2
2.5
3
3.5
2012 2013 2014 2015 2016 2017 2018 2019 2020
Annual Increase in
Retirements (in M)
• The number of US retirements, which had
averaged around 2 million per year, shot up
to over 3 million in 2020.
Sources: BLS; https://www.pewresearch.org/fact-tank/2020/11/09/the-pace-of-boomer-retirements-has-accelerated-in-the-past-year
