Check out this factoid from recent EPI survey: In the last two years, the size of the labor force
- fell over 6 percent for young workers
- grew almost 9 percent for workers 55 years and older
Several years ago, Jeff Taylor (founder of Monster.com) used to point at the boomer population bubble and speculated that by 2020 we will suffer one of the greatest labor shortages ever as the boomer generation retires. Yet this new stat shows that due to the recent economic downturn, older workers are not retiring. My own father-in-law worked happily until he turned 75 a few years ago. With so many feeling less inclined to retire, the competition among younger workers will get stiff in the years to come, at least until Jeff’s forecast finally comes true and the boomers retire. Of course, by then the Chinese and Indian labor surplus will have more fully impacted our domestic workforce even more. So who knows; we may see unemployment hovering near 10% for years to come…
Good article on this at Older, young U.S. workers jostle for scarce jobs | Reuters.