This may be the most striking chart (via Wells Fargo) there is, when it comes to the change in the labour market.
Since 2002, the participation rate for older workers has grown rapidly, as people hold onto their jobs longer, pushing retirement off further into the future.
Conversely, younger generations have dropped out of the work force en masse.
Now to some extent, going back to 2000, you might have had a bit of a “bubble” in early retirement, given relatively flush stock markets, and generally speaking, given the change in demographics, you might expect people to be working longer regardless of circumstances.
One other thing that’s interesting is the recent dropoff (even post-recession) in participation for 20-24 year olds. Would be interesting to know what that’s all about.
Photo: Wells Fargo
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