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As a result of declining fertility rates and decreasing international migration, the population of the United States is growing more slowly than in previous decades and is also getting older.1 In addition, the labor force participation rate has been declining as a result of demographic, structural, and cyclical factors after having peaked from 1997 to 2000. Still, even with the decreasing participation rates of the past few years, because population is the single most important factor in determining the size and composition of the labor force, the declining growth of the labor force is more a result of the declining growth rate of the population over the years.

Labor force projections to 2024: the labor force is growing, but slowly