Saturday, May 9, 2015

Jobs Report: 400,000 Retirees Can't Retire

In the April jobs report, we were told that 223,000 jobs were created, if you can believe that number.  Remember that we were also told that 126,000 jobs were created in March.  Now, in the April report, March's horrible number has only gotten uglier as it was revised to 85,000, but no one in the media seems to want to report this.

While the March revision is quite disturbing, another and even more upsetting fact is that those in the workforce that are 65 and older rose by 400,000 in one year's time--from 7.4 million to 7.8 million:
Click on image to enlarge
So, in essence, more than 1000 seniors a day are either coming out of retirement or working past the age of 65.  In either case, these are jobs that younger persons should be taking but aren't.  It is  symptomatic of an aging population that needs to work into their retirement years because their retirement incomes are too low to support them.  It is also a growing problem.  A year ago last April, the over 65 workforce only grew by 300,000; making this year's growth a 33% increase.  How sad that nearly 1-in-6 of the nearly 45 million seniors find themselves having to work in order to survive their "golden" years.


April 2015 Jobs Report:

March job gains 126,000; miss 248,000 forecast - USA Today:

April 2014 Jobs Report:

USA Quick Facts Population and Percent over 65:

No comments: