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Editor's note: This is a brief excerpt from today's Morning Newsletter which was written by U.S. Macro analyst Christian Drake.
In the 1st chart of the Day below we show the 3 major inflections in labor force participation along with the projected decline in participation through 2020 based singularly on changing age demographics. The multi-decade rise in participation peaked at the turn of the century and should remain in secular retreat through the back-half of the decade. Improvements in per capita GDP enjoyed over the 1960-2000 period stemming from the rise in the fraction of Americans employed will likely prove somewhat transient.