By many measures, the job market is strong. Payrolls are growing solidly, job openings are near records and wages are climbing at a brisk clip.
One factor, though, continues to bedevil prospects for a smooth labor-market recovery: The share of people working or looking for a job has stagnated in recent months. The participation rate was 61.6% in October, up from a steep decline at the onset of the pandemic but well below 63.3% in February 2020, just before Covid-19 hit the U.S. economy.
