The labor force participation rate (LFPR)—the fraction of the population ages 16 and older that is either working or actively looking for work—moved up steadily over the last few years prior to the COVID-19 pandemic and stood at 63.3 percent in February 2020. Two months later, the LFPR had plunged to 60.2 percent, and despite some improvement since then, the LFPR has remained depressed relative to its pre-COVID level (fluctuating between 61.4 percent and 61.7 percent since Fall 2020).