Teen Jobs Being Taken over by Senior Citizens

Teen Jobs Being Taken over by Senior Citizens

 If Junior cannot get a job, blame it on grandma.

Battered pension investment strategies have led mature workers to stay in, or re-enter, the job force. And the situation has triggered a switch in the average age of workers, with the amount of adolescents losing to the minimum level since the U.S. Institution of Work Research began maintaining monitor in 1948.

At this factor, the amount of individuals over 65 in the workers is at its maximum amount since 1965, with almost 2 thousand mature workers coming into since the start of the Excellent Economic downturn. There are now almost 7.7 thousand workers over 65, or 18.5 % of the workers. That is 2 thousand more than the teenager cohort of workers.


It's not just the youthful elderly people who are still kickboxing time. The number of workers over 75 has never been greater, with 7.8 % of that age team in the workers, nearly twice the amount from 1987, when the govt starting maintaining monitor. There are now 1.4 thousand individuals 75 and mature in the workers.

Dennis Jacobe, primary economist for Gallup Inc. in Northern Carolina, said his company has been monitoring the same styles and wanting to understand what exactly is going on.

"There are a couple of different factors," he said. "After the current and economic disaster, a lot of mature People in america lost their pension colony egg." Those workers never have time required to restore their investment strategies, so they have to go back to perform.

"Retirement, in a way, has modified," Jacobe said. "The old way was you preview deals, sit on the seaside and enjoy your pension."

Now more individuals are healthy later in lifestyle and able to perform, so their retirements are invested operating part-time tasks that leave

3 Reasons Not to Panic About the March Jobs Report

Job growth slipped significantly last month, but not all of the numbers are cause for worry (just yet)

Underwhelming, disappointing and mediocre. Call it what you will, but the 120,000 jobs added in March is indubitably not a reason to cheer. The figure came in well below expectations, not to mention well below the average of 246,000 jobs added in each of the previous three months.

Given the rocky recovery, it may be easy to see sputtering job growth as a reason to fear the worst. Here are a few reasons to fret a little less about the slowdown.

The Unemployment Rate Is Still Falling

No, not just the drop in headline unemployment, which fell from 8.3 percent to 8.2 percent from February to March. In fact, this decline, aside from being small, is also due in part to the labor force shrinking slightly to 154.7 million, a 164,000-person drop. That's because the unemployment rate is calculated as a percentage of the total labor force, not the total population.

More meaningful, however, may be the change in the U-6 unemployment rate, which takes into account the unemployed population, plus discouraged workers, people employed part-time for economic reasons, and other marginally attached workers--those who want a job and searched for one in the last 12 months, but are not currently in the labor force. This rate fell from 14.9 percent to 14.5 percent in March, a substantial drop. U-6 unemployment has come down considerably from its recent peak of 17.2 percent in October 2009. And another strong improvement now--even while the headline numbers disappoint--suggests that the labor market is still improving on a deeper level.

Sunscreen in February

In terms of raw, unadjusted jobs numbers, March normally sees a jump in job growth, as warmer weather makes for more hiring. But when the nation experiences one of its warmest winters on record, it can throw off the usual seasonal hiring pattern.

"The unusually warm winter likely shifted some hiring into the first two months of the year and wreaked havoc with the seasonal factor; therefore, the 212,000 average monthly gain recorded over the first three months of 2012 paint a more accurate picture of the labor market." says Sophia Koropeckyj, managing director at Moody's Analytics, in an analysis of the figures. "This is solid growth that will slowly absorb the unemployed and attract new workers into the labor market."

[See why wedding spending has declined.]

It's Just One Month

"While the report was disappointing, it is also a reminder that the data are extremely volatile," says Joel Naroff, president and chief economist at Naroff Economic Advisors, in a commentary on the figures. "Thus, we shouldn't obsess over any one monthly change, whether it is good or bad."

A longer trend of disappointing hiring would be much more worrisome, and that doesn't currently look likely. Various other indicators do not suggest a slipping recovery: jobless claims continue to decline and Americans have been spending more, which has certainly greased the wheels of the economy. Koropeckyj also points to solid consumer confidence, as well as a decline in planned layoffs.

"Weaker than expected March gains should not cause alarm since a number of other measures provide corroborating evidence of a slowly improving labor market," she says.

Copyright © 2012, Tribune Media Services
Danielle Kurtzleben U.S. News & World Report

April 9, 2012

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