Morgan Stanley Sees Record US Prime-Age Labor Participation in 2024

Over the last few months, prime-age labor force participation in the US — those between the ages of 25 and 54 either working or looking for jobs — has risen sharply, and at 83.4% in May, was above pre-pandemic levels.

Economists at Morgan Stanley, who have long been optimistic about the trajectory for the US economy even as many others have predicted a downturn ahead, now expect prime-age participation to rise to 84.9% next year — eclipsing the previous record of 84.6% set in January 1999.