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Where did the higher paying labor go? All of those people with the background to take higher paying jobs move out of the country after they were laid off? The talent is still here, the pay rate isn't.
The lost jobs that were replaced pay 23 percent less.
By 2022, the agency projects that 31.9% of those ages 65 to 74 will still be working. That compares with 20.4% of the same age bracket in the workforce in 2002 and 26.8% who were in the workforce in 2012.
In 2002, 61.9% of Americans in this age group were in the workforce, a number that increased to 64.5% in 2012. The 2022 projection is that 67.5% will remain in the workforce.
The share of 20- to 24-year-olds who were in the workforce stood at 76.4% in 2002, fell to 70.9% in 2012 and is projected to drop to 67.3% in 2022, which would be the lowest rate since 1969.
older adults were staying in the labor force longer and younger adults were staying out of it longer.
From the BLS study that Pew based their report on.
"A major factor responsible for this downward pressure on the overall labor force participation rate is the aging of the baby-boom generation."
The study predicts that the overall LFPR will be declining, even though baby boom generation will be participating at higher rates then the generations that preceded them. To counteract the overall affect of the baby boom generation the baby boomers would have to participate at much higher rates then the currently are or predicted to participate.
I will also point out that the BLS study for the most part is not factoring in economic conditions. They are largely predicting based on demographic changes and not economic changes.
From the BLS study that Pew based their report on.
"A major factor responsible for this downward pressure on the overall labor force participation rate is the aging of the baby-boom generation."
The study predicts that the overall LFPR will be declining, even though baby boom generation will be participating at higher rates then the generations that preceded them. To counteract the overall affect of the baby boom generation the baby boomers would have to participate at much higher rates then the currently are or predicted to participate.
How is that possible when those aged 55+ and increasing the labor force rate.
Quote:
Originally Posted by WilliamSmyth
I will also point out that the BLS study for the most part is not factoring in economic conditions. They are largely predicting based on demographic changes and not economic changes.
The Labor Department predicted a drop in Labor Force Participation way back in 2002
But never mind reality...those things are mutually exclusive to the partisan posters of CD.com who are looking to blame the party or politician they dont like the most
How is that possible when those aged 55+ and increasing the labor force rate.
Good to know.
To measure the overall impact on the LFPR you must multiple the size of the group by their LFPR rate. The size of the group over 55 is now larger than it was previously. So it has a larger impact on the overall LFPR. According to the BLS study the 55+ group in 2012 made up 20.9 percent of the population. In 2002 they made up 14.3%. Those 15 to 54, who have the highest participation rates, made up 65.3% of the population in 2012 and 70.2% in 2002.
The BLS study linked from the Pew report goes into this is some detail.
To measure the overall impact on the LFPR you must multiple the size of the group by their LFPR rate. The size of the group over 55 is now larger than it was previously. So it has a larger impact on the overall LFPR. According to the BLS study the 55+ group in 2012 made up 20.9 percent of the population. In 2002 they made up 14.3%. Those 15 to 54, who have the highest participation rates, made up 65.3% of the population in 2012 and 70.2% in 2002.
The BLS study linked from the Pew report goes into this is some detail.
So they make up an increasing percentage of the population and they also make up an increasing percentage of the work force.
"A major factor responsible for this downward pressure on the overall labor force participation rate is the aging of the baby-boom generation."
How is that downward pressure? That percentage is increasing not decreasing.
Can you say "the Obama Administration is the worst administration since the days of Jimmy Carter"? Of course you can!
You can say that, but not without laughing. GWB was easily worse than both.
Quote:
Originally Posted by Loveshiscountry
So they make up an increasing percentage of the population and they also make up an increasing percentage of the work force.
"A major factor responsible for this downward pressure on the overall labor force participation rate is the aging of the baby-boom generation."
How is that downward pressure? That percentage is increasing not decreasing.
Boomers make up a larger share of the overall labor force, and they're retiring at a rate of 10k per day. The Greatest Generation retired younger, true. But they were a much smaller demographic, so their exit had a lesser effect on the overall labor force.
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.
Its summertime our area literally triples in population, school is out, college is out so why are there still hiring signs everywhere? According to a local bar owner who is looking for kitchen staff he has interviewed a bunch of youngsters who either dont want to work weekends or ask for what they think is the new minimum wage. He pays a decent wage to his workers and is closed on Sundays but is still struggling to find workers. College students apparently offer the excuse that its their summer vacation too and they don't want to be tied down.
So many excuses so little time ... summer will be over before we know it and all those hiring signs will go away. Meanwhile we shop and eat out and listen to managers apologizing for slow service because they just can't get the help.
I put it down to the lazy gene .... (not going to generalize as I had a 16yr old here yesterday helping plant some trees, he mows 27 lawns a week and does landscaping in his spare time) but some people are just plain lazy.
Boomers make up a larger share of the overall labor force, and they're retiring at a rate of 10k per day.
Those turning 55 and working is twice as high.
Quote:
Originally Posted by RaymondChandlerLives
The Greatest Generation retired younger, true. But they were a much smaller demographic, so their exit had a lesser effect on the overall labor force.
Is the G.G.E. those who were born around 1920?
The article pointed out the young generation is the ones with the decreasing percentage, still larger than the 55+ but it is shrinking fast.
25-54 is the largest then 20-24 them 55+
The American work force is graying — and not just because the American population itself is graying. Older adults are staying in the labor force longer, and younger adults are staying out of it longer. Both trends took shape about two decades ago.
Having the actual numbers and not just the percentage would help.
2010
25-54 102,940,000
55+ 30,014,000
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