Millennials have come all the way back.
In his latest labour market chart book, Deutsche Bank economist Torsten Sløk notes that the per cent of the workforce made up by 25-34 year olds is back to levels seen before the financial crisis.
This cohort of workers, which is not only largely made up of the much-derided millennial generation, is also the economy’s most important group.
The 25-34-year-olds of today are the young parents, or soon-to-be young parents, of tomorrow who are about to move into their prime earnings and consumption years. These are the folks who are going to do things like buy homes, buy cars, buy clothes for their kids and so on.
This is the biggest part of the economic engine. And it’s back.