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American Workforce Growing Grayer

12/15/2010 9:52 am 0 comments

Source: Dennis Cauchon / USA Today

The number of people 55 and older holding jobs is on track to hit a record 28 million in 2010 while young people increasingly are squeezed out of the labor market, a USA TODAY analysis finds.

The portion of people ages 16-24 in the labor market is at the lowest level since the government began keeping track in 1948, falling from 66% in 2000 to 55% this year. There are 17 million in that age group who are employed, the fewest since 1971 when the population was much smaller.

By contrast, people in their 50s, 60s or 70s are staying employed longer than at any time on record. For example, 55% of people ages 60 to 64 were in the labor market during the first 11 months of 2010, up from 47% for the same period in 2000.

The trend of older people working more and younger people working less is fundamentally reshaping the labor force and slightly easing pressure on government retirement programs. The pattern started before the recession hit in December 2007, partly the result of more women working, and has continued through the slowdown.

To read this article in its entirety visit the USA Today.

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