Baby boomers are still driving U.S. job growth, USA Today reports.
Americans 55 and over made up about half of all employment gains in 2018, according to an analysis of Labor Department data by The Liscio Report, a research publication for investors. That’s an eye-popping share considering that demographic made up only a quarter of last year’s labor force—which includes both people working and looking for jobs.
Of the 2.9 million new jobs recorded by Labor’s survey of households last year, 1.4 million were taken by people 55 and over. And in December, 39.2% of Americans in that age group were working, the largest portion since 1961, according to the monthly employment report released on Friday.
Among the factors behind the numbers: Older people want to work longer. The low, 3.9% unemployment rate provides them more opportunities as businesses struggle to find qualified job candidates. And lots of workers are simply aging into the 55-and-older bracket while many prime age-Americans remain sidelined.
An estimated 10,000 a day are calling it quits. It’s just that the group is so large that enough are staying in, or returning to, the workforce to provide a welcome labor supply in a tight market. Read the full story.