Startling Look at Job Demographics by Age

By: Mike Shedlock | Fri, Dec 7, 2012
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ZeroHedge had an interesting set of charts of BLS data in his post Number Of Workers Aged 25-54 Back To April 1997 Levels.

I picked up on that theme and put together this chart of BLS data showing various age groups.

Employment Demographics by Age Group 1970 - Present
Larger Image


Demographic Points of Note


Reflections on the Recovery

Boomer demographics certainly explains "some" of this trend.

For the rest of the trend, consider my comment in today's job report: Establishment Survey +146,000; Household Survey -122,000 Jobs; Unemployment 7.7% as Labor Force Shrinks by 350,000

In the last year, the civilian noninstitutional population rose by 3,733,000. Yet the labor force only rose by 1,354,000.

Those "not" in the labor force rose by 2,380,000 to 88,883,000.

The massive rise of those "not" in the labor force is primarily economic weakness, not demographics.

Actually, older workers are returning to the work force because they cannot afford retirement. One look at the average age of Walmart greeters and those working in fast food restaurants tells a story itself.


Flashback May, 1 2008

For point of record, consider what I said on May 1, 2008 in Demographics Of Jobless Claims

Ironically, older part-time workers remaining in or reentering the labor force will be cheaper to hire in many cases than younger workers. The reason is Boomers 65 and older will be covered by Medicare (as long as it lasts) and will not require as many benefits as will younger workers, especially those with families. In effect, Boomers will be competing with their children and grandchildren for jobs that in many cases do not pay living wages.

 


 

Mike Shedlock

Author: Mike Shedlock

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com/

Mike Shedlock

Michael "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Visit http://www.sitkapacific.com/ to learn more about wealth management for investors seeking strong performance with low volatility.

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