However, the story of lower participation rates is not entirely about ageing and the behaviour of older workers. Participation has also declined for other groups, most notably younger people – many more of whom are participating in education (Graph 11). Again, these declines may have both cyclical and structural elements.
Graph 11  8  BIS central bankers’ speeches  Wages While the growth rates of labour demand and supply have both been weaker over the past couple of years, we know that the former has been more significant than the latter.