I honestly have a hard time following your math and don't have the time to find where the bug lies - but if you're going to deny that Covid has a more severe impact on older people, then we should just save each other time and agree to disagree.
I am just saying that, looking at the data, maybe 0.1% of the 55+ workers died of Covid, and so Covid by itself does not explain the 5% drop in the FRED graph. Maybe part of the disconnect is that Covid disproportionately affects people too old to be in the workforce?