Baby-boomer retirements are skewing the nation’s unemployment rate, but not enough to disguise a weak economy, according to a new report.
The left-leaning Employment Policy Institute (EPI) says the slow exit of baby boomers is a factor in the declining jobless rate, and its overall conclusion is that the economy is still quite sick.
The Left is still failing to acknowledge that many have dropped off the unemployment rolls because they have been unable to find work. Some of those folks (myself included) are Baby Boomers. We may be close to retirement age, but we are not voluntarily retired.
From 1948 to 1968, the overall labor force participation rate hovered between 58% and 60%. In 1969, it increased over 60%, continuing until 1988, where it hovered between 66% and 68% until 1996 when it began steadily decreasing. By 2007 it had decreased to 66%. After 2008 the decrease accelerated and today it is below 64%.
The labor force participation rate for men has been steadily decreasing over that entire period from 86% in 1948 to 70% today. The rate for women parallels the overall rate, increasing from 32% in 1948 plateauing at 60% in 1997 and then decreasing in 2008 to 58% today.
Interestingly, the labor force participation rate has been steadily decreasing from 1992 for all education levels with the exception of less than a high school diploma, which has been steadily increasing over the same timeframe.
The labor force participation rate for age 16-17 and age 18-19 has plummeted from 50%-20% and 68%-46% respectively since 1977. Age 20-24, age 25-34, age 35-44, and age 45-54 all roughly parallel the overall rate. Age 55+ decreased from 43% in 1948 bottoming out at 30% in 1992, and then increased once again in 1996 plateauing at 40% in 2008.
By race all labor force participation rates parallel the overall rate.