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(EstateNewsWire.com, October 22, 2012 ) San Francisco, CA- The American workforce is aging year by year, both individually and as a whole.
Delayed retirement is no longer a theoretical concern, but instead has become a reality. More individual workers have decided it is either advantageous or necessary to continue work after the old standard for retirement age. There has also been a fundamental change taking place in the workforce for the past two decades.
The latest employment report showed that unemployment dropped below 8% for the first time since 2009. However, there are factors that make the total rather dubious. Job seekers who leave the workforce due to discouragement drive down the stated jobless rate. This is true even when the economy is not getting any stronger.
That factor did not happen last month, however, as jobs were up and so were the number of overall job seekers; yet, the jobless rate fell. It appears that job creation has picked up. Unemployment was 59% last month for workers ages 55 or older. The number is not a short-term drop, but is an overall downward trend. September 2011 saw a 6.7% unemployment rate for the same demographic.
Looking back a decade can help us fill out the outline being created by the numbers at hand. The key measurement to keep in mind is the labor force participation rate. Such a measurement is a self-selected category that is measured in standard surveys by the government.
U.S. News looked at labor-force participation for the 55 and old demographic all the way to 1950.
When there are low labor-force participations in a group, it generally means that the people within that group feel fairly well off. For example, women sustained a rise in participation in the last few decades.
The details from the survey research is as follows:
The 55 and older crowd had their lowest participation numbers since the 1950s in 1993’s third quarter with a 29.2% showing. The same demographic was at 37.1% in 2005 and 40.2% for all of 2011.
The 55 to 64 demographic was at 54% in 1987. Their numbers rose to 62.9 in 2005, and were 64.3 last year.
The 65 and older demographic was at 10.7% in 1987. Their rate jumped to 15.1 five years ago, and was set at 17.9% last year.
The 65 to 69 crowd had a low at 17.8 percent in 1985, which jumped to 27.6% in 2005, and now is at 32.1% last year.
70 to 74 years of age was at 9.8% in 1987. By 2005, the rate had doubled to 17%. In 2011, it hit an 18.8% average.
75 and older was at 4% of a very small base in 1988. By 2005, the total was at 6.6%, and last year sat at the 7.5% mark.
The rise denotes a concern about inability for individuals to feel secure in their financial standing. The Center for Retirement Research at Boston College has taken a look at whether the retired community is crowding out the younger workers. It has found that older employees actually have the opposite effect.
"The evidence suggests that greater employment of older persons leads to better outcomes for the young—reduced unemployment, increased employment, and a higher wage," the Center concluded in its study. "The patterns are consistent for both men and women and for groups with different levels of education."
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