December 20, 1999 (The Editor’s Desk is updated each business day.)
The "grayby" boom ages the labor force
By 2008, the median age of the labor force is
expected to rise to 40.7 years, slightly higher than the previous high of
40.5 years recorded in 1962. The new record is the result of two
complementary developments: the aging of the baby boom generation and
projected rises in the participation rates of workers over age 55.
[Chart data—TXT]
The age group 55 and older will grow by 14 million over the 1998-2008
period, with most of the growth among those aged 55 to 64 years. The
annual growth rate of the population aged 55 or more is expected to be 2.3
percent—significantly higher than the growth rates expected among youth
aged 16-24 or those aged 25 to 54. At the same time, the labor force
participation rate for the 55 and over group is expected to rise much
faster than the rates for the younger sets.
As a result, not only will the median age of the labor force rise over
40, but the share of the labor force that is over 55 will advance quite
sharply while that of youth rises slightly and that of 25 to 54 year old
drops. In 2008, the group aged 55 or over will make up 16.3 percent of the
labor force, compared to a 12.4 percent share in 1998.
Labor force projections are a product of the Employment
Projections program. To find out more, see "Labor
force projections to 2008: steady growth and changing composition,"
by Howard N Fullerton, Jr., Monthly Labor Review, November 1999.
Of interest
Spotlight on Statistics: National Hispanic Heritage Month
In this Spotlight, we take a look at the Hispanic labor force—including labor force participation, employment and unemployment, educational attainment, geographic location, country of birth, earnings, consumer expenditures, time use, workplace injuries, and employment projections.
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Read more »