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I'd pretty much guarantee a lot of those people would jump back into the labor force if they felt they had a credible chance of finding well-paying, secure employment.
I'm not one of them. I was laid off in May, am receiving unemployment (first time in close to 50 years of working), will live off my 401k until I can collect social security at age 66.
I was earning 72k/year. At my age, no one wants to hire me and certainly not for that wage.
I have no intention of going back to work.
Companies seem to be purging the older people who have been with the company for many years. I worked almost 30 years at the same company. If this happens to someone and they are close to retirement, they won't be going back into the workforce.
And we always have record raw numbers of unemployed people. If unemployment was 4%(full employment by economic standards) and participation was 100%, then the number of unemployed people would still grow and be a record every month.
That being said, participation has been falling since the late 1990's and it is going to keep doing so for the next 12 years according to the BLS.
I'm not one of them. I was laid off in May, am receiving unemployment (first time in close to 50 years of working), will live off my 401k until I can collect social security at age 66.
I was earning 72k/year. At my age, no one wants to hire me and certainly not for that wage.
I have no intention of going back to work.
Companies seem to be purging the older people who have been with the company for many years. I worked almost 30 years at the same company. If this happens to someone and they are close to retirement, they won't be going back into the workforce.
Very true in regards to the bold.
My parents and aunts/uncles are boomers. Quite a few of my aunts/uncles have been or were affected by the declining job market during the recession and were laid off or asked to retire. None of them plan on going back to work. Four of them live off retirement accounts right now or disability and are waiting to collect social security as well. But three of the 4 have part time jobs too just to get out of the house but none of them plan on going back to work full time.
I'd pretty much guarantee a lot of those people would jump back into the labor force if they felt they had a credible chance of finding well-paying, secure employment.
Jobs become obsolete.
Some mature workers do not maintain current skills.
Someone with 5 years of experience may perform as well or even better than someone with 30 years experience and cost the employer less in terms of salary and benefits.
Employment has trended less secure for 35+/- years. Mergers and acquisitions typically result in lay-offs. Technology has made tens of millions of jobs obsolete. Six Sigma and Lean Sigma Management has deemed many functions obsolete. Many companies prefer to use consultants than FTE for certain job functions to avoid commitment. And of course, jobs have been and continue to be outsourced for cheaper labor and/ or to use labor at the point of sale.
The U.S. represents 5% of the global buying power. Growth is international. How many more Walmarts, Mc Donald's, GEs does the U.S.need?
The effective corporate tax rate in the U.S. is reasonably competitive.
There are about 1000 U.S. companies operating in France, right now. These companies made business decisions to operate in France, despite France's high corporate and employment tax rates.
Reducing corporate tax rates does not mean increased hiring of US people. It's more likely shareholders will be the beneficiary of any Future tax windfall.
........ yet the unemployment "rate" has fallen to 5.4%!
Remember what Mark Twain said about statistics?
That they can play the game you are trying to.
Fact: we have a high employee turnover, losing to competition. This does not happen when jobs don't exist. People will cling onto what they have.
Fact: 401k has recovered substantially since the debacle of an economy in 2008. People can now afford to retire.
Fact: baby boomers will continue to have on this stat for several more years
Fact: a part of my team is waiting for a decision from someone offered a position. He is taking his time. This does not happen in desperate times... in fact I would go back to late 90s to have sen anything like this.
Some mature workers do not maintain current skills.
Someone with 5 years of experience may perform as well or even better than someone with 30 years experience and cost the employer less in terms of salary and benefits.
Employment has trended less secure for 35+/- years. Mergers and acquisitions typically result in lay-offs. Technology has made tens of millions of jobs obsolete.
You hit all the buttons except for one: I did keep up with new technology.
I knew my job would eventually become obsolete when everyone in the office started getting their own desktop computers. I even had to teach them all the software! That was about 20 years ago.
The company I worked for was recently acquired by another company, and quite a few older people were laid off because of that. Unfortunately, I believe the new company just views my old workplace as a cash cow and doesn't care too much about it. That is too bad, because my former company has been in business for over 125 years and has an excellent reputation in the industry, world-wide. I'm betting it won't last for too much longer.
I live near a road that contains miles of shopping and dining establishments. Nearly every single retail and dining establishment has the "Hiring" signs displayed. The jobs typically pay $9-10/ hr and go unfilled.
Where are the high school and college students ?
Where are the unemployed who have run out of unemployment benefits and like most people, don't qualify for Disability? Low income is better than no income.
Where is the aging population without a dime in savings?
Where are those who could not afford to fix their car should they experience a mechanical breakdown?
These businesses are, for the most part, national chains and unlike small business, avoid hiring undocumented workers.
I live near a road that contains miles of shopping and dining establishments. Nearly every single retail and dining establishment has the "Hiring" signs displayed. The jobs typically pay $9-10/ hr and go unfilled.
Where are the high school and college students ?
Where are the unemployed who have run out of unemployment benefits and like most people, don't qualify for Disability? Low income is better than no income.
Where is the aging population without a dime in savings?
Where are those who could not afford to fix their car should they experience a mechanical breakdown?
These businesses are, for the most part, national chains and unlike small business, avoid hiring undocumented workers.
So true!
Where I live the grocery store Kroger is hiring 300 people.
McDonald's is hiring 100 people.
UPS and FedEx are hiring
Four major manufacturing companies are hiring production workers.
All of the above jobs pay between $9 and $15 to start.
As stated above, everyone I know who doesn't do drugs or doesn't have a criminal background has a job. (and FWIW, we have a lot of programs that work with ex-felons here that provide them free training and job leads - I have a cousin who went through a program last fall to be an asbestos and lead abatement field worker and he has consistently made $20-$25 an hour and is thinking of opening his own business doing this in the next few years after getting more experience).
I even knew a guy who stayed on UEI for over 2 years who when he was told it would finally be cut off, went and got a job at FedEx within a week. Them and UPS are always hiring around here. They even offer tuition reimbursement for people who want to go back to school.
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