Monday, June 30, 2014

Those Baby Boomers-They Just Keep on Working and Working

According to a June 4, 2014 report from Economic Modeling Specialists Intl, or EMSI (a CareerBuilder company), titled Interactive Metro Map: Baby Boomers Gaining Jobs, Millennials Standing Pat, those Boomers are working away. The article states that "[t]he number of young workers aged 22-34 nationwide is basically unchanged since 2007, while the number of jobs for boomers (55-64) — fueled by mega population growth — has climbed 9% over that time..." The article is accompanied by very cool interactive maps. The report notes that the health care field is growing well for boomer jobs and, here is one that may surprise you "[c]omputer jobs grew 10 times faster for boomers than millennials..."

The report does address the reasons behind the discrepancies for these two groups. Of course, we can suggest the sheer number of baby boomers are the cause, but it isn't that simple

The decline of millennial jobs and upswing of baby boomers in the workforce can be explained, at least in part, by demographic and behavioral factors. As our colleagues at CareerBuilder noted, the population of 55 and older Americans has grown 20% since 2007 — four times as fast as prime-working age millennials (ages 25-34). The same 55-and-over age group is the only to increase its labor force participation rate and employment-to-population ratio over that time.

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