Isn't a lot of that boomers retiring early? I'm a 61 year old that's not participating in the labor force because I'm tired of playing the tech interview games (I don't blame this on the Biden admin) and I don't need to participate anymore. My wife who is 63 would like to work again after being laid off last year, but ageism seems to be a very real thing so she hasn't gotten hired anywhere (again, not Biden's fault that ageism is a thing). Since labor participation rate is determined by working age population (16 to 64) I guess we're both contributing to that lower labor participation rate. (and come to think of it both my sister and my wife's sister are in a similar situation, both around 60)