Older Workers Are Driving Job Growth as Boomers Remain in Workforce Longer

A study of Labor Department data published in The Liscio Report calculated that persons 55 and older comprised about half of all U.S. employment gains last year, even though they accounted for just 25 percent of the workforce, reports USA Today . Of the 2.9 million new jobs posted in 2018, 1.4 million were filled by baby boomers, while in December, 39.2 percent of Americans in that age bracket were employed. Underlying reasons for this trend include older persons wishing to work longer, and a 3.9 percent unemployment rate opens up more opportunities as companies struggle to find qualified candidates. Moreover, many employees are simply aging into the 55-and-older bracket while many prime age-Americans are not employed. Generally, older workers are changing the dynamics of the U.S. labor pool. Moody's Analytics economist Sophia Koropeckyj notes while baby boomers' knowledge and talents make many more productive, others may be less adaptable and familiar with new technology. She also says many boomers can work past retirement age in white-collar jobs because they are healthier and better-educated than their predecessors. The size of the boomer generation is another contributor, as there are some 73 million boomers, with those in the 55-plus bracket making up half of the 2.6 million increase in the American workforce last year.