The employment-to-population ratio is one of the clearest measures of labor market participation because it shows the share of the population that is employed.
The chart tracks annual average employment-to-population ratios from 2015 through 2025. The data shows a steady rise before the pandemic, a sharp collapse in 2020, and a gradual recovery afterward.
The main takeaway is that employment recovered significantly after the pandemic shock, but the ratio has not returned to its 2019 peak.
The Highest and Lowest Points
The highest employment-to-population ratio in the chart occurred in 2019 at 60.8%.
That figure represented the strongest labor market participation level of the decade before the pandemic disrupted employment across the country.
The lowest point came in 2020 when the ratio fell to 56.7%.
The decline of more than four percentage points reflected widespread job losses during the COVID-19 economic shutdowns.
The Recovery After 2020
Following the 2020 collapse, the employment-to-population ratio began recovering steadily.
The ratio improved to 58.3% in 2021 before reaching 60.0% in 2022.
By 2023, employment participation climbed to 60.3%, its highest level since the pandemic. This suggested that most of the labor market damage had been repaired.
However, gains slowed afterward. The ratio edged down to 60.1% in 2024 and 59.7% in 2025.
Comparing Pre-Pandemic and Current Levels
Before the pandemic, the ratio increased consistently from 59.3% in 2015 to 60.8% in 2019.
The latest reading of 59.7% remains below that pre-pandemic peak.
While the labor market recovered most of its lost ground, employment growth has not been strong enough to push participation back to its highest level.
This suggests that the labor market is healthy, but no longer expanding at the pace seen during the late 2010s recovery.
Why the Ratio Has Stabilized
The employment-to-population ratio depends on both job growth and population growth.
Even when employers continue hiring, the ratio can remain flat if population growth keeps pace with employment gains.
An aging workforce, retirements, and shifting labor force participation patterns may also limit how high the ratio can climb.
As a result, employment levels can reach record highs while the employment-to-population ratio remains relatively stable.
What This Means for Workers
The chart shows that the labor market has largely recovered from the pandemic disruption.
Employment opportunities remain significantly stronger than they were in 2020, and the ratio has stayed close to 60% for several years.
For workers, this indicates a labor market that remains resilient but is no longer experiencing the rapid recovery phase seen immediately after the pandemic.
Future improvements in the ratio will likely depend on stronger labor force participation and continued job creation rather than simple recovery from past losses.
Dataset
Data Sources
Federal Reserve Bank of St. Louis (FRED). (2026). Employment-Population Ratio (EMRATIO). https://fred.stlouisfed.org/series/EMRATIO
U.S. Bureau of Labor Statistics. (2026). Employment Situation News Release. https://www.bls.gov/news.release/empsit.htm
U.S. Bureau of Labor Statistics. (2026). Labor Force Statistics from the Current Population Survey. https://www.bls.gov/cps/
U.S. Bureau of Labor Statistics. (2026). Employment-Population Ratio. https://www.bls.gov/charts/employment-situation/employment-population-ratio.htm
