Report: Older workers reveal economic trends

Jobs Report (gfx)
Jobs Report (gfx)(MGN)
Published: Nov. 27, 2022 at 1:57 PM EST
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(WDBJ) - Wisdom and work ethic seem to go hand in hand these days, according to the latest Job Openings and Labor Turnover Survey data.

Unemployment numbers are down, with 261,000 positions added in October. According to Forbes, the largest and fastest growing group is older employees.

Throughout the last 20 years, the number of working individuals between 25 and 54 grew by 1.1 million. During that same time span, those older rose by over 18.1 million.

Out of 7.7 million workers expected to be added to the economy by 2031, 3.8 million are estimated in the range of older than 65.

Whether it’s higher wages, being more optimistic about chances, or they are in a spot in their lives where money is an issue, the E-POP (employment to population numbers) for those aged 55 and over stayed at 37.9 % between September and October. That same ratio declined among workers aged 25 to 54 and particularly, those between 45 and 54.

According to Beth Truesdale and co-authors, those not continuously employed during their 50s are significantly less likely to resume work in their 60s, adding to the chance of involuntary retirement, along with downward mobility and poverty during that next stage.