EBRI Issue Brief

Trends in Labor Force Participation and Employment of Americans Ages 55 or Older

May 23, 2024 13  pages

Summary

This Issue Brief examines the U.S. civilian labor force of those ages 55 or older through December 2023, using data from the U.S. Census Bureau’s Current Population Survey, available through the Bureau of Labor Statistics. First, it investigates the trends in labor force participation rates of this group by age and gender. It then explores labor force trends by race among these individuals. Along with the labor force participation rates, the age, race, and gender composition of those ages 55 or older in the labor force and the population at large are investigated, allowing for the identification of key labor force and population trends among this group. Key findings include:

  • In 2022 and 2023, among males, the labor force participation rates of those ages 60–64 increased, but they declined for those ages 75 or older. Increases in the labor force participation rates of females ages 55–59 and 70–74 also resulted in 2022 and 2023, but the labor force participation rates decreased for females ages 60–64 in 2023.
  • After rising to its highest point since 2001 in 2022, the male share of the labor force ages 55 or older decreased in 2023. The female share of the labor force ages 55 or older has generally fallen since 2010, though it did increase slightly in 2023; despite this, females ages 55 or older are still a higher share of the labor force than they were in as late as the 1990s.
  • In 2022 and 2023, the labor force participation rates of those ages 7074 trended toward their 2019 levels but did not quite reach them. The labor force participation rates of those ages 55–59 and ages 60–64 surpassed their 2019 levels in 2023. In contrast, the labor force participation rate of those ages 75 or older in 2023 stayed at its 2021 level, below its 2019 level, while the labor force participation rate of those ages 65–69 decreased in 2023 to below its 2022 and 2019 levels.
  • Across the age categories of 55 or older, 65 or older, and 75 or older, Hispanic Americans had the highest labor force participation rate in 2023 compared with White and Black Americans, despite having some of the lowest rates in 2000. Conversely, White Americans, who tended to have the highest labor force participation rates in 2000, had some of the lowest rates compared with Hispanic and Black Americans by 2023.
  • From 1981–2023, the share of the labor force of Americans ages 55 or older who were older became increasingly larger. While those ages 55–59 made up the largest share of the labor force for all years, this share had declined by nearly 14 percentage points since 2002. The greatest increase in labor force share is attributed to those ages 65–69.