The graph people like to cite when they say nothing has gotten better, the "plain" one: https://fred.stlouisfed.org/series/CIVPART , is fairly misleading without context. That one is calculated simply based on the non-instutionalized (prison/hospital) population over age 16.
There's a number of major contributors to that one that make it unlikely to ever recover in my view. Some notable points:
- Aging. The US might be aging slower than many other developed countries, but median age is climbing, there are more retirees as a % of the over 16 population each year. Each one of those counts against the labor participation rate.
- Employment in the 16-19 age bracket has plummeted, down ~15% since the 90s. College attendance, societal changes, etc.
https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us...