Seven years ago, Stats Canada predicted the labour participation rate would start to fall sharply in the near future because of the aging population.

The future is now.

A new analysis from the Royal Bank suggests the labour market’s feeling the impact.

An RBC economist points out given soft job growth the past year, and the corresponding decline in the labour participation rate, it’s easy and likely inaccurate to conclude many Canadians are becoming too discouraged to look for work.

Nathan Jansen says the most likely explanation is just that more Zoomers are retiring.