How Did Demographics and Covid Change the Workforce?

Mish

Let's investigate employment trends in age groups as distinguished by the BLS.

Employment Levels by Age Group 2006-Present

The lead chart shows the temporary impact of covid. It also gives a glimpse of demographic changes.

If we step back further we can better see employment changes over decades.

Employment Levels by Age Group 1948-Present

Employment Levels by Age Group 2020-11A

Employment Levels 1950-1970

Employment Levels 1950-1970

Employment Levels 1980-2000

Employment Levels 1980-2000

Employment Levels 2010-2020

Employment Levels 2010-2020

Age 55+ became had highest portion of the employment level starting in 2015.

But look what is in second place. It's age group 25-34.

Covid is temporary. Long term secular demographic trends are powerful.

Mish

Comments (17)
No. 1-7
Curious-Cat
Curious-Cat

It has been said that two things are necessary for growth of an economy. Increase in population and increase in productivity. The COVID era does not auger well for population growth which was already affected by lower birth rates. And as automation increases how can there be anything but a negative impact on jobs and wages? I can't see why the securities speculators are optimistic.

But I could be wrong.

Dodge Demon
Dodge Demon

“Ninety percent of life is just showing up.” - some 85 year old guy

Casual_Observer
Casual_Observer

Covid is going to be a bump in the road thanks to using technology to solve pandemics. Although 2020 has felt like a long and terrible time, it is going to be in the rear view mirror a year from now.

numike
numike

We Had the Vaccine the Whole Time
You may be surprised to learn that of the trio of long-awaited coronavirus vaccines, the most promising, Moderna’s mRNA-1273, which reported a 94.5 percent efficacy rate on November 16, had been designed by January 13. This was just two days after the genetic sequence had been made public in an act of scientific and humanitarian generosity that resulted in China’s Yong-Zhen Zhang’s being temporarily forced out of his lab. In Massachusetts, the Moderna vaccine design took all of one weekend. It was completed before China had even acknowledged that the disease could be transmitted from human to human, more than a week before the first confirmed coronavirus case in the United States.

PecuniaNonOlet
PecuniaNonOlet

There will be huge problems 10 and 20 years down the line with America’s demographic. The population continues to age out. The media age for American female is 43 or so, too old to replenish the population so it will meed to be immigrants from “young” countries either latin america or africa. So much for building the wall....

Realist
Realist

The supreme court refuses to hear Trumps request to overturn the Pennsylvania election result 9-0.

Next up is the coup attempt.

The Arizona GOP party tweets: Are you ready to die for Trump over this election?

It’s getting interesting.

anxientok.mueir
anxientok.mueir

I think the use of cryptocurrency will be the solution for all the economic problems we are facing due to this pandemic and sites like http://www.mintme.com will help the average citizen to start in this form of currency


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