More seniors than teens in job force
The economic downturn has many older folks returning to work, while youngsters are simply giving up.
More people over age 65 either have jobs or are looking than ever before, The New York Times reports. But the participation of teens in the job force is down, perhaps because in this economy, more young people are either unemployed or have given up searching for work.
The flip took place around the end of 2008, according to the Bureau of Labor Statistics.
Other factors are also at work here. The Baby Boom generation is getting older, putting more people in the senior category, writes Catherine Rampell. So naturally, more of them will be in the job force.
Another factor is that pensions are changing, moving away from defined-benefit and toward defined-contribution. Companies have embraced this new system because it transfers some of the risk to employees.
Combine that with the overall drop in the market and the disappearing dividend, and the trend for retirees is clear. They are being forced to work longer.
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