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25 crypto statistics of a crazy 2022

What a year in cryptoland. After the dizzy heights of the pandemic years of 2020 and 2021, the past twelve months have brought an onslaught of negativity…



What a year in cryptoland.

After the dizzy heights of the pandemic years of 2020 and 2021, the past twelve months have brought an onslaught of negativity in the crypto news cycle. And the price action has followed.

There was the spectacular death spiral of UST in May, which triggered a slew of contagion across the space. And then recently, we saw former crypto royalty Bankman-Fried and his FTX exchange descend into bankruptcy, in an event that nobody saw coming.

But there was also a major upgrade of the Ethereum network, big developments with Bitcoin and much more. Here are 25 statistics from the world of cryptocurrency this past year – derived on-chain and off.  

Top crypto stats for 2022

  • Bitcoin’s market cap was $895 billion at the start of the year. Today every cryptocurrency in the world sums to a market cap of $844 billion
  • The top 100 coins have had their market cap sliced by $1.7 trillion this year, a number equivalent to Canada’s GDP
  • Ethereum’s Merge upgrade went live, slicing energy consumption of the network by 99.95%, and reducing worldwide electricity consumption by 0.2%
  • 1,000 addresses on the Bitcoin network now contain more than one Bitcoin
  • Tether’s price reached a low of 95 cents this year, while its market cap fell $13 billion as it lost market share to rivals

1. Ethereum’s energy consumption fell 99.95% as it completed its upgrade to Proof-of-Stake

The biggest upgrade in the history of the Ethereum network, known as the Merge (deep dive here), came and went successfully in September.

The upgrade shifted the network from Proof-of-Work (akin to Bitcoin) to the more energy-efficient Proof-of-Stake, dropping the energy consumption of the network by 99.95%.

2. Worldwide consumption falls 0.2% off the back of the Ethereum Merge

Analyst estimations have a 0.2% reduction in the worldwide electricity consumption off the back of the Merge, further highlighting how impactful the energy emission reductions of the above Merge are.

3. $60 billion ecosystem collapses, the biggest in crypto history

May’s death spiral of the Terra ecosystem wipes $60 billion of wealth across a 48-hour period. When including the contagion that spread out over the ensuing weeks, the damage was a lot worse. It is by far the biggest crash in crypto history according to the numbers.

4. Over 50% of Bitcoin supply loss-making

For the first time since the COVID crash of March 2020, the majority of the Bitcoin supply was in a loss-making position, as of Q4 2022. This shows quite how bloody the price action was this year, given the previous decade (2011-2021) Bitcoin was the best performing financial asset class in the world.

6. 200,000 Bitcoins pulled from exchanges in a month post-FTX crash

In the month following the FTX crash, 200,000 bitcoins were pulled from exchanges, highlighting the extent to which trust in exchanges was broken. (Via CoinJournal)

7. Coinbase sheds 85% of its value

The first major crypto company to go public, Coinbase, flew high last year. However, decreased volume and cratering prices in the industry hit the exchange hard this year. As of mid-December, it has lost 85% of its value, with 1,100 employees laid off.

8. 40 cryptocurrencies are currently worth $1 billion or more, down from 94 at the start of the year

The year began with close to 100 cryptocurrencies worth over $1 billion. Today, there are only 49. (via CoinMarketCap)

9. Top 100 coins lose $1.7 trillion in value

On New Years Day, the top 100 coins’ market cap summed to $2.2 trillion. Today, the top 100 total $505 billion. The $1.7 trillion drop is approximately equal to Canada’s GDP this year. (via CoinMarketCap)

10. Bitcoin was worth more than the entire cryptocurrency industry is worth today

At the start of the year, Bitcoin was worth $895 billion. Today, the global crypto market cap sums to $844 billion. (via CoinMarketCap)

11. 2 – number of top 10 coins on May 1st 2022 which would be worth zero within a week

Luna and the UST stablecoin both occupied positions in the top 10 on the eve of their death spirals in May 2022.

12. $9.6 billion –all-time high of the market cap of the FTX native token which collapsed last month

FTX’s token, FTT, collapsed in November following revelations it was artificially propping up CEO Bankman-Fried’s trading firm, Alameda Research, which had suffered heavy losses and commingled customer assets from the FTX exchange.

13. FTX had one million creditors upon its collapse

The FTX exchange had over one million creditors upon its collapse last month. Court proceedings will likely take years, meaning there will be a long wait for those who are owed money to recoup anything, if at all.

14. 130 FTX-affiliated companies file for bankruptcy in aftermath of FTX collapse

In the days after the FTX collapse, FTX and over 130 additional affiliated companies filed for bankruptcy.

15. $8 billion hole on FTX balance sheet

The size of the deficit at FTX is $8 billion, following funds being sent to Alameda Research to shore up trading losses.

16. Former FTX CEO Sam Bankman-Fried was second-largest donator to congressional Democrats for midterm elections

The disgraced CEO donated $39.2 million to the midterm elections, coming behind only billionaire investor George Soros (via Forbes)

17. Tether reached a low of 95 cents this year

Controversial stablecoin USDT had two significant depegs this year, in the aftermath of the Terra crash and then the FTX crash. The peg recovered in both cases.

18. 14.22 million bitcoin have not moved in over a year, equal to 74% of total supply

The bulk of the bitcoin supply has not moved in over a year. Only 26% of coins have moved in the last 365 days (via IntoTheBlock)

19. 1,077 addresses now hold more than one bitcoin

Just over 1,000 addresses on the network contain over one bitcoin in them. 93% of the supply is contained within these wallets (Via IntoTheBlock)

20. Bitcoin and Ethereum’s correlation averaged 0.87 this year

The hand-in-hand price action of the major cryptos can be demonstrated by Bitcoin and Ethereum averaging a 0.94 correlation (with a score of 1 being a perfect correlation). This is despite the major idiosyncratic event that was the Merge taking place this year.

21. The average address on the Ethereum network contains 80% less in dollar terms today than at the start of the year

At the start of the year, the average address on the Ethereum network contained $6200. Today, that figure is $1,700. The 80% decline is greater than the price decline of ETH, which is off 65%.

22. Average balance in a Bitcoin address has fallen from $22,300 to $7,600

The fall in the average address balance in USD terms is 65%, similar to the 63% price decline. (Via IntoTheBlock).

23. Tether’s market cap has fallen $13 billion in 2022

Tether has lost market share to rivals this year. Opening the year at a market cap of $78 billion, the controversial stablecoin peaked at $83 billion before the LUNA crisis, and is now at $65 billion.

24. Binance USD has stolen the most market share, up over $7 billion

Binance’s stablecoin opened the year at $14.6 billion. Today, it is at $22 billion, partially due to its announcement that it would auto-convert exchange holdings in several rival currencies into BinanceUSD, while de-listing currency pairs for those same stables.

25. 15.6 million ETH staked in Ethereum 2.0 contract, a rise from 8.8 million

15.6 million ETH is locked up in the Ethereum 2.0 contract, and will only be eligible for release next year once the Shanghai upgrade goes live. Beginning the year at 8.8 million ETH staked, the number has close to doubled and now represents 13% of the total supply. (via IntoTheBlock)

Closing thoughts

All in all, the year 2022 has been a torrid one for risk assets across the board. Cryptocurrency is a prime example of this. Prices have cratered, scandals have been seemingly endless and anxiety is at all-time highs. 

There have also been positives, although in the short-term at least, investors’ red portfolios won’t appreciate this. Ethereum completing its long-awaited Merge may have seismic implications down the line. 

It will be captivating to see in future how the year 2022 is looked back upon in the world of cryptocurrency. Could it be a purge of nefarious actors, a badly-needed maturing in the industry? Or could it be a hammer blow from which prices, or the industry at large, never recover from? 

Whatever happens, it will be fun to re-hash this piece and re-assess all these stats this time next year. Happy (nearly) 2023!

The post 25 crypto statistics of a crazy 2022 appeared first on Invezz.

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Infosys Recognized as the Top Service Provider Across Nordics in the Whitelane Research and PA Consulting IT Sourcing Study 2023

Infosys Recognized as the Top Service Provider Across Nordics in the Whitelane Research and PA Consulting IT Sourcing Study 2023
PR Newswire
STOCKHOLM, March 31, 2023

Infosys achieves a notable rise in overall ranking in the Nordics with a customer…



Infosys Recognized as the Top Service Provider Across Nordics in the Whitelane Research and PA Consulting IT Sourcing Study 2023

PR Newswire

Infosys achieves a notable rise in overall ranking in the Nordics with a customer satisfaction score of 81 percent as compared to the industry average of 73 percent

STOCKHOLM, March 31, 2023 /PRNewswire/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced that it has been recognized as one of the top service providers in the Nordics, achieving the highest awarded score in Whitelane Research and PA Consulting's 2023 IT Sourcing Study. The report ranked Infosys as the number one service provider and an 'Exceptional Performer' in the categories of Digital Transformation, Application Services, and Cloud & Infrastructure Hosting Services. Infosys also ranked number one in overall General Satisfaction and Service Delivery.

For the report, Whitelane Research and PA Consulting, the innovation and transformation consultancy, surveyed nearly 400 CXOs and key decision-makers from top IT spending organizations in the Nordics and evaluated over 750 unique IT sourcing relationships and more than 1,400 cloud sourcing relationships. These service providers were assessed based on their service delivery, client relationships, commercial leverage, and transformation capabilities.

Some of Infosys' key differentiating factors highlighted in the report are:

  • Infosys ranked as a top provider in the Nordics across key performance indicators on service delivery quality, account management quality, price level and transformative innovation.
  • Infosys' ranked above the industry average by 8 percent year-on-year, making it one of the top system integrators in the Nordics.
  • Infosys is positioned as a "Strong Performer" in Security Services and scored significantly above average on account management.

Arne Erik Berntzen, Group CIO of Posten Norge, said: "Infosys has been integral in helping Posten Norge transform its IT Service Management capabilities. As Posten's partner since 2021, Infosys picked up the IT Service Management function from the incumbent, successfully transforming it through a brand-new implementation of ServiceNow, redesigning IT service management to suit the next-generation development processes and resulting in a significant improvement of the overall customer experience. I congratulate Infosys for achieving the top ranking in the 2023 Nordic IT Sourcing Study."

Antti Koskelin, SVP & CIO at KONE, said: "Infosys has been our trusted partner in our digitalization journey since 2017 and have helped us in establishing best-in-class services blueprint and rolling-in our enterprise IT landscape over the last few years. Digital transformations need partners to constantly learn, give ideas that work and be flexible to share risks and rewards with us, and Infosys has done just that. I am delighted that Infosys has been positioned No. 1 in Whitelane's 2023 Nordic Survey. This is definitely a reflection of their capabilities."

Jef Loos, Head of Research Europe, Whitelane Research, said, "In today's dynamic IT market, client demand is ever evolving, and staying ahead of the curve requires a strategic blend of optimized offerings and trusted client relationships. Infosys' impressive ranking in Whitelane's Nordic IT Sourcing Study is a testament to their unwavering commitment to fulfilling client demands effectively. Through their innovative solutions and exceptional customer service, Infosys has established itself as a leader in the industry, paving the way for a brighter and more successful future for all."

Hemant Lamba, Executive Vice President & Global Head – Strategic Sales, Infosys said, "Our ranking as one of the top service providers across the Nordics in the Whitelane Research and PA Consulting 2023 IT Sourcing Study, endorses our commitment to this important market. This is a significant milestone in our regional strategy, and the recognition revalidates our commitment towards driving customer success and excellence in delivering innovative IT services. Through our geographical presence in the Nordics, we will continue to drive business innovation and IT transformation in the region, backed by a strong partner network. We look forward to continuing investing in this market to foster client confidence and further enhance delivery."

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India and the US, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.



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mRNA-LNP Vaccine Development: Evaluation of Novel Ionizable Lipids

In this GEN webinar, our distinguished speaker Dr. Nicholas Valiante, will provide insights into designing, developing, and manufacturing mRNA vaccines…



Broadcast Date: April 12, 2023
Time: 8:00 am PT, 11:00 am ET, 16:00 CET

The success of the mRNA-LNP COVID-19 vaccines have clinically proven the modality of lipid-based nanoparticle delivery, demonstrating the possibilities for rapid design, development, and manufacturing of other promising genomic medicines.

Due to their modular nature, LNP excipients can be mixed, matched, and modified during formulation to improve immune responses. Similarly, the encapsulated mRNA can be optimized to improve translation efficiency and stability.

In this GEN webinar, our distinguished speaker Dr. Nicholas Valiante, will provide insights into designing, developing, and manufacturing mRNA vaccines to maximize performance. Dr. Valiante will expand on the process to evaluate and select ionizable lipids required for mRNA-LNP vaccines development.

A live Q&A session will follow the presentation, offering you a chance to pose questions to our expert panelist.

Nicholas Valiante, PhD
Chief Scientific Officer, President
Innovac Therapeutics

Precision Nanosystems logo

The post mRNA-LNP Vaccine Development: Evaluation of Novel Ionizable Lipids appeared first on GEN - Genetic Engineering and Biotechnology News.

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What Has Driven the Labor Force Participation Gap since February 2020?

The U.S. labor force participation rate (LFPR) currently stands at 62.5 percent, 0.8 percentage point below its level in February 2020. This “participation…



The U.S. labor force participation rate (LFPR) currently stands at 62.5 percent, 0.8 percentage point below its level in February 2020. This “participation gap” translates into 2.1 million workers out of the labor force. In this post, we evaluate three potential drivers of the gap: First, population aging from the baby boomers reaching retirement age puts downward pressure on participation. Second, the share of individuals of retirement age that are actually retired has risen since the onset of the COVID-19 pandemic. Finally, long COVID and disability more generally may induce more people to leave the labor force. We find that nearly all of the participation gap can be explained by population aging, which caused a significant rise in the number of retirements. Higher retirement rates compared to pre-COVID have had only a modest effect, while disability has virtually no effect.

The LFPR is defined as the ratio between workers in the labor force (either employed or unemployed) and the civilian, non-institutional population age 16 and older. As the chart below shows, the LFPR has been gradually declining since the early 2000s. It stayed relatively flat over the period 2014-19 and even slightly rose up to February 2020 as the strong labor market exerted a positive effect on labor supply. After a dramatic decline in the early months of the pandemic, participation has recovered gradually but remains significantly below its pre-COVID level—by 0.8  percentage point or 2.1 million workers as of February 2023. We examine potential drivers of the participation gap using the Current Population Survey (CPS), a monthly survey of about 60,000  households that is conducted by the Bureau of Labor Statistics (BLS).

The Labor Force Participation Rate (LFPR) Remains below its Pre-Pandemic Level

Liberty Street Economics chart showing the LFPR has declined gradually since the early 2000s. It also stayed relatively flat from 2014-19 and rose slightly until February 2020. After a steep decline in the early months of the pandemic, participation has recovered gradually but remains 0.8 pp below its pre-COVID level.
Sources: Current Population Survey; Bureau of Labor Statistics.
Notes: The chart shows the seasonally adjusted LFPR for the population aged 16+ years. The red dashed line illustrates the size of the shortfall between 2020:m2 and 2023:m2.

Population Aging

We first analyze population aging. As noted elsewhere, the panel chart below illustrates that as the baby boomer cohort has reached the retirement threshold, retirements have increased dramatically. The left panel shows the distribution of the U.S. population in 2009. Each gray bar shows the number of individuals of a given age in the U.S. population from U.S. Census data. The blue bars show the number of workers in that age group who are retired. We indicate the baby boomer cohort, that is, those workers born between 1946 and 1964, by the gray shaded area, and mark the retirement age of 65 years by the vertical red line. The left panel shows that in 2009 the baby boomers were just beginning to enter retirement.

Baby Boomer Retirements Have Increased Dramatically over Time

Two-panel Liberty Street Economics chart showing retirements have increased dramatically as the baby-boomer cohort has reached the retirement threshold. The left panel shows the distribution of the U.S. population in 2009, while the right panel shows the same distribution in 2022.
Sources: U.S. Census Bureau; Current Population Survey (CPS); authors’ calculations.
Notes: The gray bars show the U.S. population of a given age. The blue bars show the estimated number of retirees at each age, computed from the share of retired workers at each age from the CPS. The red vertical line indicates the normal retirement age of 65 years. The gray shaded area indicates the ages corresponding to the baby boomer cohort, that is, those individuals born between 1946 and 1964.

The right panel of the chart shows the same distribution in 2022. By 2022, a large share of the baby boomer generation had entered retirement, leading to a significant increase in the number of individuals retired, as indicated by the blue bars.

Retirements within Specific Age Groups Have Increased Compared to Pre-Pandemic Levels

We next examine retirements within age groups in more detail. The previous chart suggests that retirement shares by age group have risen only modestly, as shown by the height of the blue bars relative to the gray bars. To substantiate this point, we break the population into groups of individuals aged 60-69, 70-79, and over 79. We focus on individuals aged 60 and older since these account for more than 90 percent of all retirees in the United States. For those aged 60-69, the retirement share has risen from an average of 39.7  percent in 2018-19 to 40.0 percent over the second half of 2022. The retirement share for those aged 70-79 has increased from 77.5 percent in 2018-19 to 78.8 percent in the more recent period. Finally, among those over 79, the retirement share has gone up from 88.5 percent to 90.5 percent. Here we consider the average over 2018-19 as our pre-pandemic reference point to remove shorter-term movements in the retirement shares.

How does this change in retirement behavior affect overall retirements? The share of retired workers in the U.S. population has risen substantially, from an average of 18 percent in 2018-19 to nearly 20 percent at the end of 2022. However, once we control for the overall aging of the population, the changes in the age-specific retirement shares reported above imply an increase in the overall share of retirees in the population of only about 0.3  percentage point.

Share of Workers with Disability and Not in the Labor Force Has Actually Fallen

We finally analyze the effect of disability on the participation gap. To capture a broad notion of disability, we focus on a set of six questions in the CPS that ask respondents whether because of a physical, mental, or emotional condition they have serious difficulty concentrating, remembering, or making decisions.

We start by considering the number of disabled individuals in the labor force as a share of the total population. The share of workers with disability (based on the above definition) rose from an average of 2.5 percent of the population in 2018-19 to about 2.9 percent in the last six months of 2022. While the rise in disability among workers in the labor force may have implications for the intensity of work effort, a recent study has found relatively little change in average hours worked by workers with disability. Therefore, there may be relatively little effect on the LFPR since these workers are still in the labor force. For this reason, we focus on the share of disabled individuals not in the labor force. This share has risen slightly, from about 9.2 percent in 2018-19 to 9.4 percent in the second half of 2022. Once we adjust for aging, we find that the share of disabled individuals not in the labor force has, in fact, marginally declined. This result arises because disability shares have slightly fallen for the older age groups.

Impact on Labor Force Participation

How have the three channels affected labor force participation? We first analyze the impact of population aging in isolation by constructing a counterfactual LFPR that keeps constant the share of the population in each age group at February 2020 levels. The gold line in the chart below shows this age-adjusted participation rate. Removing the effect of aging can explain the entire participation gap, lifting LFPR by 0.9 percentage point in February 2023. This big effect arises because the large baby boomer cohort is right at the retirement cutoff. As the chart above shows, the retirement share rises dramatically with age around the age of 65. Consequently, the aging of the baby boomers between 2020 and 2022 led to a significant rise in retirements, reducing participation.

Second, we analyze the effect of excess retirements on participation, in addition to the effect of aging. To do so, we analyze how the overall age-adjusted retirement share would change if we went back to the retirement shares in each age group of 2018-19. In other words, we ask what LFPR would prevail if retirement behavior went back to pre-COVID levels, controlling for aging. Since about half of new retirees in 2020-22 were already out of the labor force prior to retirement (for example, a stay-at-home partner who transitions into retirement), we multiply the effect of excess retirement by one half. The red line in the chart below shows that additionally removing excess retirements increases LFPR by a further 0.2 percentage point in February 2023. This effect is smaller than in a recent study that finds a 0.6 percentage point effect. The difference arises mainly because we assume that only half of all excess retirees could return to the labor force, since the rest were already out of the labor force prior to retirement.

Finally, the increase in disability has virtually no effect on the participation gap because, as discussed above, the increase is entirely accounted for by individuals that remain in the labor force. We do not separately plot this effect on the chart below. Overall, our results imply that undoing the effects of population aging and excess retirements would raise the LFPR by 1.1 percentage point from 62.5 percent to 63.6 percent, more than making up for the participation gap.

Participation Rate Is Higher after Adjusting for Aging and Excess Retirements

Liberty Street Economics chart showing the headline labor force participation rate reported by the Bureau of Labor Statistics, the counterfactual labor force participation rate that keeps the share of the population in each age group constant at February 2020 levels, and the surplus of retired workers in the recent period compared to 2018-19.
Sources: Current Population Survey; authors’ calculations.
Notes: The blue line shows the headline labor force participation rate (LFPR) reported by the Bureau of Labor Statistics. The gold line is the counterfactual LFPR holding fixed the population age structure in February 2020. The red line further adds the surplus of retired workers in the recent period compared to 2018-19, at the fixed age structure of February 2020.


In this blog post we show that demographic trends, specifically population aging, exert a powerful influence on labor force participation. In other words, the participation gap largely disappears once we control for population aging, indicating that participation has recovered a great deal since the large shock induced by the pandemic. Other possible contributing factors, such as elevated retirement rates or disability, play only a minor role in explaining the participation gap. Population aging is likely to continue to exert strong downward pressure on participation going forward, as more of the baby boomer generation continue to enter retirement.

Chart data

Mary Amiti is the head of Labor and Product Market Studies in the Federal Reserve Bank of New York’s Research and Statistics Group.

Sebastian Heise is a research economist in Labor and Product Market Studies in the Federal Reserve Bank of New York’s Research and Statistics Group. 

Giorgio Topa is an economic research advisor in Labor and Product Market Studies in the Federal Reserve Bank of New York’s Research and Statistics Group.

Julia Wu is a research analyst in the Federal Reserve Bank of New York’s Research and Statistics Group.

How to cite this post:
Mary Amiti, Sebastian Heise, Giorgio Topa, and Julia Wu, “What Has Driven the Labor Force Participation Gap since February 2020?,” Federal Reserve Bank of New York Liberty Street Economics, March 30, 2023,

The views expressed in this post are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s).

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