"I do think this is a long lasting phenomenon, and a lot of it has been predicted for years with baby boomers retiring and all the rest of that, and immigration slowing," Barkin said during a virtual event organized by the Virginia Bankers Association and Virginia Chamber of Commerce.
He said officials may need to accept that labor force participation is "stagnant" because of demographics and because some people are re-evaluating their lives and their work.
(Reporting by Jonnelle Marte)
