Hasn't the US labor participation rate been dropping for over a decade? If that is accurate, it makes sense that unemployment is down and still going down but

Hasn't the US labor participation rate been dropping for over a decade? If that is accurate, it makes sense that unemployment is down and still going down but wages aren't moving at all or as quickly. There's effectively "spare capacity" in the system in the form of people who were removed from the unemployment numbers but still wanted to work.