Chart Of The Day: 55 And Under? No Job For You

Tyler Durden's picture




 

Nearly two years ago, and progressing to this day, we first observed (and subsequently even the mainstream media caught on) that America's labor force is slowly but surely converting itself from a full-time to part-time worker society. The reasons for this are obvious: to corporations, the benefits associated with employing part-time workers are countless: avoiding substantial benefits-related costs, evading long-term job contracts, hourly basis wages, and many others. In fact, as long as there is slack in the economy, and there will be for a long, long time as the shift in labor demand is now secular, regardless of what the Fed wants to admit, employers will have ever more leverage, while workers have less and less (and are forced to agree to any employment terms, as long as they get some paycheck at all). This much has been known. What has gotten far less prominence is that of the much trumpeted 4+ million jobs added since the trough in late 2009, virtually all the job additions have gone to (part-time) workers 55 years and over. Indeed, as the chart below shows, starting since the official NBER end of the recession in June 2009, the US has cumulatively added 2.9 million jobs. However, when broken down by age cohort, 3.5 million of these jobs have gone to US workers aged between 55 and 69. Another 729K have gone to recent college grads aged 20-24. What about those workers in their prime years: between 25 and 54 years of age? They have lost a total of 886,000 jobs since June 30, 2009!

In other words, the US jobs "recovery" has been one that while "benefiting" part-time workers, and those who ordinarily would be exiting the labor force to focus on retirement (and can't as they suddenly realize their savings under ZIRP are worthless while their fixed income portfolios return virtually nothing), has crushed American workers in their key work years, whose jobs instead have been taken by "veteran" workers who increasingly refuse to leave the workforce.

The chart below shows the cumulative jobs gains for those aged 20-24 (red) and 55-69 (gray). The ones below the X-axis, the cumulative job losses, are for those aged 16-19 (green) and 25-54 (blue).

The same chart but going back three years since September 2009, or right around the time the job loss process troughed and since which point the BLS has reported a continuous monthly addition of jobs. Of the 4.2 million jobs added since September 2009, 3.5 million have gone to "experienced" workers aged 55 and over!

 

So the next time a potential employer denies your job application because the job was just taken, speak to mom and dad: more than likely they applied for the same job, and got it.

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Wed, 10/24/2012 - 17:04 | 2916812 kliguy38
kliguy38's picture

Greenshoots!!! And don't forget this way you get to work at more jobs........

Wed, 10/24/2012 - 17:14 | 2916834 no taste
no taste's picture

If you know anybody who thinks Obummer or Ruinme isn't an asshole, tell them they are an idiot.

http://howstupidare.blogspot.com/2012/08/how-stupid-are-americans.html

Wed, 10/24/2012 - 17:40 | 2916901 TruthInSunshine
TruthInSunshine's picture

 

 

The year was 2014. American society had degraded into a barbaric, selfish, free-for-all, caused partly by crushing economic conditions.

As merely one visceral and highly visible example of this were the "roaming office gangs" composed of two diametrically opposed parties; one gang of workers were the 40-and-under aspiring up-and-comers who desired higher compensation and better benefits that were part and parcel of promotion, while the other gang consisted of crusty 60 year old+ veterans, who adamantly refused to retire or otherwise bow out gracefully, instead choosing to desperately cling to what they viewed as a vital lifeline in the form of a steady fiat wage check, which they used to supplement their 401(k) and NIRP losses.

Much blood was spilled during the episodic, extremely violent "death cubicle" matches fought between the young and old co-workers, and there were even documented incidences of shamansitic rituals and animism, whereby the defeated's body was eviscerated, and the still beating heart was removed and eaten by the victor, in the hopes of capturing their knowledge and office politics skills.

Wed, 10/24/2012 - 17:41 | 2916906 fonzannoon
fonzannoon's picture

All I can picture is the fight scenes in Anchorman.

Wed, 10/24/2012 - 18:11 | 2916966 saturn
saturn's picture

No job for Bernank when he quits!

Wed, 10/24/2012 - 18:28 | 2917008 Sockeye
Sockeye's picture

$430K Lamborghini seized after complaint about fine

http://www.cbc.ca/news/canada/british-columbia/story/2012/10/24/bc-lambo...

Wed, 10/24/2012 - 20:56 | 2917302 Kiwi Pete
Kiwi Pete's picture

What 22 year old is out driving a $430k Lamborghini without insurance? He deserves to have it towed at the least! 

Wed, 10/24/2012 - 19:08 | 2917100 The Alarmist
The Alarmist's picture

Ben has a few million in savings and pensions, so I don't think he'll need to worry about another gig.

Wed, 10/24/2012 - 19:49 | 2917188 AGuy
AGuy's picture

"No job for Bernank when he quits!"

I have no doubt Bernanke will find plenty of jobs. Goldman Sachs, JPM, Bank of America, and the dozen other TBTF will be fighting over him.

Wed, 10/24/2012 - 17:47 | 2916908 hedgeless_horseman
hedgeless_horseman's picture

 

 

I wonder what % of the new jobs that are full time are also government jobs?

CBO: Feds earn 16 percent more in pay, benefits than private-sector workers

Wed, 10/24/2012 - 19:08 | 2917104 The Alarmist
The Alarmist's picture

If you can't beat them, join them ... Get a government job.

Wed, 10/24/2012 - 18:44 | 2917045 Overfed
Overfed's picture

TSA FTW! ;-D

Wed, 10/24/2012 - 18:43 | 2917046 Overfed
Overfed's picture

TSA FTW! ;-D

Wed, 10/24/2012 - 18:14 | 2916971 MillionDollarBogus_
MillionDollarBogus_'s picture

In my mid 50's and could retire tomorrow, and make room for someone else, but the other partners in the firm like what I do for them, and another year or 2 will get me the 100 ft yacht.

One hundred feet of yacht is the goal, my friends.  

Wed, 10/24/2012 - 18:37 | 2917021 Rainman
Rainman's picture

Believe me, the boat's are all cheap. Babysitting them is outrageous.

Break Out Another Thousand

Wed, 10/24/2012 - 18:42 | 2917036 TruthInSunshine
TruthInSunshine's picture

There are fire sale on boats (and yachts) now (as well as boats and yachts on fire).

They are quite the depreciating and money-sucking "assets."

If you think maintaining them is expensive, wait until you fuel them and use them.

Wed, 10/24/2012 - 18:44 | 2917052 Fredo Corleone
Fredo Corleone's picture

The two happiest days in the life of a boatowner:

The day you bought it.

The day it was sold.

Wed, 10/24/2012 - 20:48 | 2917283 Harbanger
Harbanger's picture

You have 3 types boat owners

1) the rich dude with a crew

2) the wanna b guy who cant afford it.

3) the guy who uses it daily for fishing and or living.

 

Wed, 10/24/2012 - 20:08 | 2917217 Oldrepublic
Oldrepublic's picture

"A boat is a hole in the water into which your pour money."

Wed, 10/24/2012 - 21:23 | 2917062 Harbanger
Harbanger's picture

Great, I'll be there ready to save you from pirates. 

Wed, 10/24/2012 - 21:27 | 2917402 BeerBrewer09
BeerBrewer09's picture

never buy anything that fucks, flies or floats.

Wed, 10/24/2012 - 21:49 | 2917470 Midas
Midas's picture

It's cheaper to rent....

Wed, 10/24/2012 - 21:37 | 2917430 Offthebeach
Offthebeach's picture

Partners don't " ..like what I do.... ". It's a " WE " thing.
Partners don't buy other partners 100 ft yachts. Why should they cut you more then your share? Plus it comes out of your share too. What big boy putz wants anything but cash and instruments. When you make/get big money, remember, it is " I bought'.

You don't write like a owner.

Wed, 10/24/2012 - 22:05 | 2917515 Harbanger
Harbanger's picture

+1, For being smart enought to see a BS r-ist.

Wed, 10/24/2012 - 19:10 | 2917022 Harbanger
Harbanger's picture

The year was 2013, and Keynesian recovery plans didn't work and caused a global collapse...

"Then the Gods of the Market tumbled, and their smooth-tongued wizards withdrew
And the hearts of the meanest were humbled and began to believe it was true
That All is not Gold that Glitters, and Two and Two make Four
And the Gods of the Copybook Headings limped up to explain it once more.
As it will be in the future, it was at the birth of Man."

You can never trust a Statist

with anything not in your hand.

So keep your Gold in safekeeping.

For their promise of welfare and state

are nothing but lies and deceptions, of the shit you will eat if you're late.

Wed, 10/24/2012 - 19:14 | 2917120 Bill D. Cat
Bill D. Cat's picture

A scene from " The Meaning of Life ".

Wed, 10/24/2012 - 19:18 | 2917126 Cortez the Killer
Cortez the Killer's picture

I'm sure we'll being hearing from that communist cocksucker Let Them Eat Rand as soon as he gets his dildo out of his ass.

Wed, 10/24/2012 - 19:32 | 2917155 LMAOLORI
LMAOLORI's picture

 

 

Now it's Age Warfare another Marxist tool. Sounds to me like many of you are a bunch of whiny lazy losers who think you are too good to start at the bottom or to work harder like the older people did to get where they are today. I have two grown children both of them are working for themself's. They didn't particularily care for the jobs they had initially so they worked harder so they didn't have to do them forever. They also understand government debt and realize just as we did when we were forced to pay Social Security that it was beyond our control and wouldn't for a moment think about stealing the money we paid in. What they don't understand is being forced to pay for people who won't work hard yet want something for nothing at their expense.

Neither of them would ever think of spilling an older person's blood or anyone's blood other then in an act of self defense. I don't know if you thought that was poetic but I thought it was pathetic. 

Older people weren't served up the easy existance plenty of you seem to believe we worked hard to get what we have. Plenty of us did physical work my husband's an example he built commercial buildings and worked even if it was -20. When he moved up even as the project superintendent he worked hard. I worked even with young children I worked nights then so one of us would always be with them and as they aged I shifted to days eventually bought my own business and put in plenty of hours just like my own children do now.

Don't sit around for the government to help or other's to help you do what it takes to help yourself you and the rest of society will be better for it.

 

Thu, 10/25/2012 - 11:16 | 2918577 TruthInSunshine
TruthInSunshine's picture

And here I thought that the {/sarc} tags weren't even necessary in some cases.

Wed, 10/24/2012 - 23:37 | 2917727 willwork4food
willwork4food's picture

Nice work Truth. But the only way I'm fightin' for a POS, boring, dead-end, life crunching cubicle job is when I finally succumbed to my silly little Meth addiction.

Not gonna happen

Thu, 10/25/2012 - 02:55 | 2917876 lasvegaspersona
lasvegaspersona's picture

Truth

..old age and treachery will overcome youth and strength every time!

Wed, 10/24/2012 - 18:44 | 2917051 Cash2Riches
Cash2Riches's picture

The global depression deepens. Hold tight your gold and silver, were in for a bumpy ride.

 

Protect your wealth

Wed, 10/24/2012 - 17:19 | 2916841 malikai
malikai's picture

Green Sharts.

Now stop making me repeat myself.

Wed, 10/24/2012 - 17:20 | 2916851 ncdirtdigger
ncdirtdigger's picture

Bio-diversification.

Wed, 10/24/2012 - 17:47 | 2916921 YC2
YC2's picture

Holy Wal-Mart greeter, Batman!

Wed, 10/24/2012 - 17:58 | 2916942 Ineverslice
Ineverslice's picture

 

Sorry son, Grandpa is cuttin' the grass this summer..

Wtf?

Wed, 10/24/2012 - 17:24 | 2916855 otto skorzeny
otto skorzeny's picture

like that Jamaican family on "In Living Color"- "I got 10 job Mon!"

Wed, 10/24/2012 - 17:24 | 2916857 Daily Bail
Daily Bail's picture

No job AND a big-ass pile of debt.

Debt Owed To Foreign Countries Now $47,495 Per Family

Wed, 10/24/2012 - 17:39 | 2916894 alstry
alstry's picture

Historically people were milked for their production....and we called this milking a job.

Recently, we used currency(the promises of others' production) as the means to get people to produce

Now that technology is more efficient and more productive, we are running out of reasons to milk people

So the bankers are simply printing promises out of thin air to keep people producing

When we no longer have to milk each other, you know it's an http://WWW.UDDERWORLD.COM

Wed, 10/24/2012 - 19:10 | 2917107 RmcAZ
RmcAZ's picture

This should be bullish for housing, right?

Wed, 10/24/2012 - 17:08 | 2916815 oh_bama
oh_bama's picture

You guys must be kidding me! This must be a lie!

Obama created millions of jobs! He also SAVED millions of jobs by investing 1 trillion tax dollars into UNION back industries! 

So how come there is less JOBS? You have to loooooook hard on yoru numbers and REVISE IT NEXT WEEK!!!

Wed, 10/24/2012 - 17:08 | 2916817 Beam Me Up Scotty
Beam Me Up Scotty's picture

And those who are retired, get to collect their Social Security and drink coffee and play cards all day for years.  The rest of us under 55, even if we have a job, won't see any Social Security---or it will be paid in worthless dollars.  Either way, we won't get any of it.

What a mess.

Wed, 10/24/2012 - 18:36 | 2917023 WillyGroper
WillyGroper's picture

Not so sure those over 55 will get SS either.

Wed, 10/24/2012 - 20:26 | 2917243 Whoa Dammit
Whoa Dammit's picture

Today when  I greeted a fellow part-time, under 55, former CFO with the usual "Hi how are you?", he replied with the perfect snark: "Just living the dream."

Thu, 10/25/2012 - 02:14 | 2917832 Questan1913
Questan1913's picture

Beam Me Up Scotty

 

:The rest of us under 55, even if we have a job, won't see any Social Security---or it will be paid in worthless dollars. Either way, we won't get any of it."

Really?  You won't "get any of it" because you are simpering cowards looking to offload your responsibility and corrupt cowardice onto a scapegoat; the currently retired?.  I have talked to a lot of 50'ish individuals and every single one has parrotted your simpering lament.  Every one! And they were men; no, they appeared to be men. 

" Either way, we won't get any of it".  With that attitude, you don't deserve it,, and you definitely won't be getting it. 

Beam ME up Scotty! 

Wed, 10/24/2012 - 17:08 | 2916819 Lost Wages
Lost Wages's picture

As usual the old folks are supporting the status quo, this time by making the unemployment numbers look better.

Wed, 10/24/2012 - 17:09 | 2916820 knukles
knukles's picture

How come we don't hear all about this on the MSM every night?
Last I heard was a piece about Joe Biden climbing up a cherry tree that a feral cat had climbed in an effort to stop George Bush from chopping it down that had been Photoshopped on the same infamous computer the birth certificate appeared from on the same day that nobody ever fucking heard of Benghazi.

Wed, 10/24/2012 - 17:12 | 2916828 darteaus
darteaus's picture

If Romney gets elected, you will see this and articles about the homeless, dying AIDS patients, the hungry, etc.

Wed, 10/24/2012 - 18:25 | 2916998 lakecity55
lakecity55's picture

...And, body counts from A-Stan will be in vogue again in the MSM.

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