What has happened in the last quarter is a continuation of the trend of a wider spread between the civilian participation rate (CIVPART from FRED) and the employed ratio of the population (EMRATIO again courtesy of FRED).I am curious if there is a secular change in the works, as the spread since about 1980 has bottomed at a lower point in each expansion until the latest one...maybe related to the reduction in labor force participation by women that is occuring (no value judgement there, just the observation).
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