January 10, 2014 / 6:51 PM / in 5 years

A 'mostly demographic' drop in US labor force -Fed's Bullard

INDIANAPOLIS (Reuters) - James Bullard, head of the Federal Reserve Bank of St. Louis, said on Friday the overall decline in the U.S. labor force is “mostly demographic” and thus unlikely to bounce back strongly.

The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, fell 0.2 percentage point to 62.8 percent in December, returning to the more than 35-year low hit in October.

“What we’re seeing is demographic in nature and not cyclical,” Bullard told a luncheon of bankers here.

Reporting by Jonathan Spicer; Editing by Chizu Nomiyama

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