It is just going to keep falling as the Baby Boomers retire. They are going to retire regardless of their doubt. It will happen.
The boomers weren’t supposed to all retire at the same time.
Here is a projection from 2005:
http://www.cse.sc.edu/~buell/References/BureauLaborStatistics/art3full2014.pdf
Using the data they had available in 2005, they predicted the civilian labor force to grow for 147.4 million to 162.1 million in 2004.
Current DOL stats show it only has grown to 154.8 million...fully 50% off their mark. Now remember, retiring boomers was not a secret in 2005 - that was factored into this projection.
I strongly suspect that projections that are made about the solvency of social security and medicare and pension funds are predicated on a participation model that does not drop off this sharply. So this is a big problem, and part of the employment picture that should be mentioned, alongside the cheerleading that the UE rate went down.