Source | www.forbes.com | Jack Kelly
A Bloomberg columnist highlighted what we’ve been seeing in the job market, but no one wants to openly talk about: “people 55 and older [are] leaving the labor force.”
The number of people over the age of 55 who are participating in the workforce is down by 2 million, compared to pre-pandemic levels. The Great Recession of 2008 didn’t even result in this huge of a loss of senior, experienced workers.
What’s worse is “many older workers that lost jobs during the pandemic won’t be back.” During the dark, early months of the outbreak, over 20 million Americans lost their jobs in a few months’ time. As the economy tortuously tried to claw back jobs over the last 10 months, the United States has added “2.7 million jobs for workers under the age of 55,” since August and a meager 28,000 people over 55 years of age and older.