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The only statistics which needs to be looked at is here:

Bureau of Labor Statistics: Civilian labor force participation rate

https://data.bls.gov/timeseries/LNS11300000

Let the data speak for itself.

A complicating factor not addressed in that graph is the aging of the U.S. population. I don't have great numbers immediately available, but it looks like over that same period of 10 years the population over 65 has grown from about 40million to 50 million. Those people are still considered in that graph as not participating.

Nope - the statistics only covers working age (18-67)

I wouldn't think it's the only statistic that needs to be looked at.

If it does any "speaking for itself" then it's raising its own question: "Why is that number declining over the past few decades?" That requires additional data to answer.

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