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Two participation rates moved apart, and that gap is where ageing would enter the arithmetic
Headline participation gained 0.7 points between 2020 and 2025 while participation inside the 25-54 band gained 2.2, and the two rates divide by different populations. That gap is the shape an ageing population would take in a labour statistic, but none of these series counts anybody's age, so the shape is all it is.