According to the Bureau of Labor Statistics, the drop in the employment of people of age 55 and older has become the largest decline after February 2015. Around 251,000 jobs got cut for the old aged people. The chief economist Craig Dismuke said that the data of employment rate will be different in every month.
People of old age group had the lowest rate of unemployment among all sectors in February, which continued in March by the overall rate of 3.8%. Vining Sparks’s chief economist, Craig Dismuke said that thus cut down in the jobs will not be a trend but yes for this age group, the labor market is good.
Julia Pollak, a labor economist at ZipRecruiter told CNBC that these swings in employment rates are appearing in large numbers due to the monthly surveys and pointed out about the sluggish growth of employment distribution of old workers in educational and government services.
Pollak also said that the Survey is done on 60,000 households and its each and every report gets small in size when customized according to the employment status and age group.
In the last decade, the Baby Boomers were the largest job gainers. But according to the latest trends, the old employees who are about to get retired are trying to stay at jobs because they did not save much money. There are many policies which have been pushed by the President for encouraging Americans so that they can get their work back after the retirement of baby boomers.
Dismuke said that people of age 55 and more should be allowed to participate in the economy. Because it will become a big problem if people of older age will not save much money as the rest of their life will get into a risk. Dismuke added that old people should be given the work which needs less physical effort and less time at work.