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Record Jobs For Old Workers; Everyone Else - Better Luck Next Month
We have long been pounding the table (certainly since mid-2012) that the US labor market has become a place where mostly older workers - those 55 and over - are hirable - something which has nothing to do with demographics, and everything to do with excess worker slack, and an employer's market to pick and chose those workers that are most qualified for a job since older workers have the same wage leverage as younger ones: none. February was merely the latest confirmation of just this.
The chart below shows the age breakdown of the various age groups of workers hired in the past month. The vast majority, or 239K of the job gains(according to the Household survey), once again fell into the oldest group, those aged 55-69. The core demographic, those 25-54, rose by a negligible 29K. Everyone else, i.e., those 16-24, saw a total of 153K in job losses.
The good news (for them, and bad news for everyone else): the number of workers aged 55 and over just hit a fresh all time record high:
And finally, here is the full breakdown of "young vs old" jobs since the start of the Depression in December 2007: those 55 and older have gained 4.9 million jobs. Those under 55 are still some 3.1 million jobs below their December 2007 level.
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The young are getting pi$$ed!
Too bad their anger, OCCUPY, is towards the wrong 'enemy'.
Boomers..why wont you die ?!!?! Die !!!
"Why don't you put your head down on your desk and think about what you just said."
-Mrs. Ward, my fourth grade teacher.
older folks have plenty of wage leverage, as in much more ability to trade cheaper, than younger folks. young people have wives, kids, mortgages, (ahem) student loans, etc. people over the age of 55 have mainly paid those things off and are mainly trying to buy time between now and when they have to tap their retirement savings. in that case, they can bring much higher value to a potential employer. say they are more experienced, slightly more productive, whatever, AND can trade at 75% of the price a younger person can. what happens? hired.
Work ethic.
At the rate this is going pretty soon the 68 year olds are gonna be bitching that the 88 year olds are taking their jobs.
Going as planned
Millenials learning that one should rely on the government, and not their independent labor.
There's a common trend I've started to pick up w/ young vs old people getting jobs--
The young are getting paid less, less education & experience, and with little to hold them down they jump from job to job, This causes the emloyers hassle to re-hiring.
Its easier to hire an old experienced person with debt oligations, because he won't run anywhere when he realizes there's no growth prospects in that job.. he'll have to swallow it, or he loses the house, etc...
good for you for thinking reasonable, but, the darker guesses are more correct.
Or that fact that they can't afford their heating bills on a social security income.... they do like it warm
Work ethic and ZIRP. End ZIRP and I guarantee some of those older workers will retire. Continue ZIRP and they have no choice but to hang in there.
agree. fuck ZIRP.
Sans selfies & texting every 5 minutes.
Most old goats lack the craving to constantly look at & peck at a smartphone.
They also skip the useless, worthless 24/7 updating
of their NSA files social meda files.
In short, they get the job done.
For less.
and the old goats vote
i'm over 62 and will gladly work for minimum wage so i don't have to have 3 helpings of my kibbles n bits.
Please. This is utter bullshit. I send out resumes every month for quality jobs. If I get a response it's you're overqualified. Usually I don't hear. If i know someone on the inside i find out it's because i'm too old.
i'm not fooling myself and now just send them out to irritate the crap out of HR
Please. This is utter bullshit. I send out resumes every month for quality jobs. If I get a response it's you're overqualified. Usually I don't hear. If i know someone on the inside i find out it's because i'm too old.
i'm not fooling myself and now just send them out to irritate the crap out of HR
Truth,
Hell it was this way ALL the way back to '04, if YOu were over 50,your ass was grass.Unless you had a degree/trade.r something someone REALLY needed.Now it's 40yrs old.
Depends on the boomer.
Many boomers I knew tried to save up but couldn't amass any meaningful savings to retire and rely on pensions/soc. security instead, and unfortunately I'm seeing a lot of boomers working as grocery store cashiers -jobs that people in their late teens/early twenties should be doing.
Experience? Maybe, but how many boomers out there are doing something completely unrelated to their skill set and requires little to no experience in order to make ends meet? Too many.
Seriously, I feel for the boomers, but many of us Gen Yers cannot enter the workforce when jobs are disappearing and boomers are unable to leave when many of them deserve to be retired and living out their days enjoying the fruits of their labor. On the flip-side. Gen Y workers are more desperate to keep their jobs due to bills and many of my fellow Gen Yers are lacking a spine to challenge authority as a result. If I was a heartless bastard I'd pick up a Gen-Yer overloaded with debt with a family to feed over a boomer who's paid off most of their debt and so on, but I lack that killer instinct.
Things will get worse, and it's not up to youngins such as myself to be the sole group to wage a revolution -the boomers need to get involved too not only to share their experience but provide direction as to where to strike and when. We're in this shit together and all of us need to take to the streets. I'm already doing that myself.
AssFire: "Why don't you put your head down on your desk and think about what you just said."
-Mrs. Ward, my fourth grade teacher.
If Mrs Ward was a public school teacher, maybe you didn't tell the whole story -
Student: "But Mrs Ward, its so boring to keep memorizing & repeating all the same lessons. I fidget because I just can't stand this every day. I have my own ideas and I want to think for myself ! "
Mrs Ward: "Why don't you put your head down on your desk and think about what you just said"
Add for today's Mrs Wards: "And I think you need a time out and some meds."
Terrifyingly accurate, and it reminds me of when I was in the fourth grade.
I am SO glad I didn't get zombie'd by meds.
There does seem to be quite an amount of animosity here about the boomers. Being a tail end boomer myself I identify with the gen x crowd more then the boomers. We worked hard, lived with in our means and saved to no avail. Bernanke destroyed that.
Perhaps the anger needs to be properly placed. In reality, you can fault a person for simply being born at a certain time. It was the greatest generation that produced this massive boomer generation so shouldn't the blame be placed on them? Now blaming in itself does seem to be pointless in that there is no resolution unless someone comes up with time travel and a large number of chastity belts.
The reality is the boomers will eventually die or become incapacitated so they will no longer hold these jobs. Whether these jobs will become available to others still remains to be seen. My technical position is being fazed out and I will probably will not need a replacement. This is a relatively high paying position. This will leave a plethora of lower paying positions and a few higher paying. Certainly the death of all boomers won't change this unfortunate fact.
Miffed;-)
Rather than rioting and turning over a few police cars the 'ute of today would prefer to twitter FURIOUSLY!!!!
(doesn't really have the same effect)
Like this beautician.
http://www.dailymail.co.uk/news/article-2575436/Dumb-Britain-Beautician-...
Barraco Barner !!! That's gonna stick.
And she got a gcse in English ( whaever the fuck that is ).
Nice to the Brits education sys keeping up with Emerika.
In defense of the poor lass, her basic point was correct even if she got some details wrong.
Also, if you look good bending over, you don't need to know stuff like who is president of what country.
I never got past the picture of her lungs.
older people dont FB and TWTR all day like 99% of the college hires I see.
Initially Occupy was against Wall Street and the kleptomaniacs therein, but down the road the message was distorted by government plants and eventually the protests failed.
It's a textbook case of how proficient our government is at breaking up a nonviolent movement.
http://www.youtube.com/watch?v=CtrNj47u1D8
If you're soft, you're lost
To stay on course means to roll with Force
Maybe. But my observation is the young feel entitled and the old feel obligated thus the young go to college to get a degree in "partying" while the old continue to work 10-15 years longer to pay for it.
Then of course you have the anti-saving anti-retiree 0% interest 15% real inflation and skyrocketing health care requiring the old old folks to take up gigs at Walmart.
NEW NORMAL, BITCHEZ
HOPE & CHANGE
85 YEARS A SLAVE
"We will never, ever, ever [be able to retire from $7.17/hour jobs]"
55 & Older = "Would you like a refill on that Denny's coffee?"
"Welcome to Costco, I love you."
A d then there's the Herbalife "guilt your friends & family members into buying seaweed & kelp smoothies" business model - like Avon, or Girl Scout Cookies (cha-ching)
Eventually, the young HOPE & CHANGE crowd will see their shattered illusions...
...Because Obama
Ahem.
For the Herbalife model to work, I need to:
. . . . . 1) have guilt, and
. . . . . 2) have friends ...
so it aint gonna work with me.
Question is, are the old ones going to line up to go to war or are we sending the young ones and completely destroying our demographics in the process? Russia's demographics are in much worse shape than ours but still, it's an issue here too.
The generation responsible for the war mongering typically gets to stay in the geriatrics wards.
Simple fix: The politicians and cabinet advisors who advocate war should mandatorily be on the front lines of said wars.
the young'ns should go look for a job at JC Penney, apparently they have "turned the corner"
Staples and Radioshack need help boarding up stores.
+
Kmart
Sears
JCP
Best Buy (they are going into smaller "mall" locations)
Dots
Ace Hardware
Nordstrom
Macy's
A&F
Hot Topic
Sbarro
FYI
Any # of Darden Group Restaurants
etc
etc
etc
But, but SBarros makes great NY-style pizza!
This 55+ number is also due to never-laid-off well-paid workers keeping their jobs and growing older. They are the new rich.
It's because people 65+ can't afford to retire anymore. I bet 55 to 65 hasn't changed much.
That's only the MYTH. But in reality the older ones are either Walmart greeters or highly-overpaid technical/skilled trades...none of whom are in any danger of losing those jobs.
I feel really old, but I'm in the group that really can't fimd da job.
OLD BITCHEZ
I don't have a job anymore but I have a t-shirt that says "Old Guys Rule". My spouse found it for fifty cents at a yard sale.
Imagine what those numbers would look like if student loan debt wasn't going through the ceiling and those kids were on the street looking for jobs instead of pursuing a higher education indoctrination.
We gotta keep working to pay off our kids student debt.
Shoot....don't get me started. +1
Well at least the young peoples parents are working,they can keep living in the basement.
Could this translate to my daughters school raising 50% less this years jogathon?!
this should end well.
Talent Pool vs. Social Networking Typing Skills.
Exactly! Besides having no useful skills or experience, they also lack any kind of work ethic or willingness to learn. Look at all the A's and trophies they got for showing up some of the time.
The new mathlish bubble creator’s
Common Core Standards Math Lesson Example
I didn't know Queen Latifah taught school !
Is it wrong to notice the "teacher" is black and laugh?!
Just started a 23year old on Tuesday,
He decided to take today off to take a friend to the airport.
Obviously a keeper, in his own mind.
Bad enough to be taking any time off with only 3 days on the job but from what you wrote, he need the whole day off to do this airport run and a Friday no less. I'm betting the kid comes in late on Monday.
I won't take that bet.
Tardiness drives me so crazy I would rather show up an hour early, than a minute late.
Must be getting old.
Trying to explain the snowball effect to my employees, is like teaching my cat calculus.
Winston Churchill
I was at a supplier's business a few years ago when one of his employees cavalierly wrecked a $100 tool. The kid says, "what's the big deal-it's only a 100 bucks." My supplier says, "no you moron, that's a thousand bucks, because now I have to sell another $1000 of product to net $100 to replace the tool. "
Or the guy that keeps showing up at my place stoned to the gonads and tells me he works harder and more safely when he's stoned. I don't know why any of his previous employers couldn't recognize him as a keeper.
But the BernakinYellen created 3 trillion dollars in new "wealth" last quater. What's it take for them to retire and live the good life walking the beaches and popping little blue pills like the commercials?
What little blue pills? I don't have any blue pills.
<Psst...where can I get some of them thar little blue pills?> :-)
CD
Ask Mrs. Cog's boyfriend...
Why can't they just become metro-sexuals, get a job in Silicon Valley or West Village/Tribeca and start every sentence with "So, ..."
so I'm not just nuts that I hear that same $%^& "so" from those pipsqueaks too?
And end the sentence with 'like'
. . . and use the word "actually" a dozen times in one sentence.
This data gets more hilarious once you break down into the 5-year cohorts and can demonstrate that despite the MSM propaganda that boomers are just getting older and still working, it's simply just not the case at all.
Also worth going back to pre-2001 for typical labor force participation numbers, you can see that the 2001-crash never had a full recovery and that since 2007 it's just been in freefall.
Early years should be building experience to exploit during prime years and advance into senior years either for retirement or top positions. This is the way it's been forever. When you strip the youth of their entry-level jobs, you destroy their prime-year earnings potential. Assuming there's actually some sort of recovery, be it economic or the olds finally dying, the generation that finally gets the entry-level jobs to build off of will surpass the youth of today more or less instantly. It's a recipie for a "lost generation" crisis down the road.
And I'll bet my old pick-me-up truck that the 55 year olds still working are almost exclusively in the private sector.
No ... Bunches and bunches of old liberal broads infest .gov at all levels
Fuck College. Just get old.
Actually I think my college offers courses in that.
Hopefully you have a leg up on the younger generations. I just realized the other day that my middle school aged nephews can't read the time on a clock. Sister in-law says well everything is digital now. Awesome because learning how to tell time on a clock is pretty close to rocket science. Set the bar as low as possible.
That's why older workers are preferred. They can tell time on a clock.
And they can make change without a digtal read out calculating it for them. Also, they (we since I am in that category) can figure out percentages too ! Now if I can only learn how to juggle !
I tghink that is a special 6-year Master's Program at Univ of Phoenix
older workers have the same wage leverage as younger ones: none.
Too f'ing true. And that's even OK for the most part with the really oldest workers, 65+, who are just cruising to make ends meet not trying to save forward or raise kids or buy a Ferrari.
And you have to figure it is the *trend*. Since the age for social security is rising now, and people are living much longer, and really a lot more people in their 50s and 60s and even 70s are in good physical shape now, a huge change from say fifty years ago, and so many jobs are just clerical anyway don't involve any heavy lifting, check back in twenty years and things are going to be MUCH worse.
Of course the real problem is the labor market. Younger workers want and deserve real job and real wages, and those are exactly what NOBODY is getting.
But don't worry all you yutes and young'ns, what money I get as an old fart will trickle down to you when I order fries with that, and your McJob will show up as happy happy on the government employment stats.
One would think this is a result of pols catering to the people that vote for them (40 and older), but it is more of a reflection that older workers cannot retire as easily as they used to because of boomerang children living with parents/relatives (and in most cases, these kids are employed too!) as well as them needing more cash to pay for debt on medical services as well as to their retirement funds.
I worked at a job where we have 2 people over the age of 73 still working. Granted, some people just don't want to quit working and will do so til the day they die, but one was a great grandmother where she had *2* kids (with families) who lived with her and couldn't get jobs.
Economy still in the shitter, man.
Doesn't have the new data on it...but you get the idea....
http://research.stlouisfed.org/fredgraph.png?g=sOf
Just a snapshot of one segment....in SV we've seen many of the big companies lobby D.C. for relaxed immigration so they can bring in engineers from India, China, etc. thereby reducing their costs.
I imagine this immigration issue also hits other industries and is one of the prime reasons young citizens are having trouble finding jobs.
I have much respect for my elders, but its true, these younger generations just seem way to metro sexual. To bad there wasnt more that brings us together.
I have also seen these older generations bust there ass and get exploited by tbtf's. Younger guys prob just *dont trust anything
This situation exists because most young people are dumb as dirt, lazy, barbaric in poise and manners, and have a huge sense of entitlement. Did someone mention that the SAT scores are being dumbed down again?
Fuck the SAT scores. They were 'smarted up' years ago, so now they are 'dumbed back down'. They don't mean squat in the real world.
Most kids, when asked what their SAT score is, use the George Costanza from Seinfeld fame answer....'It varies'
I asked one of my kids' English teacher a few years ago why they don't work more on spelling. She said it isn't necessary because everything has spell check. We worked on spelling at home because when you get asked to go up to the fucking white board in a meeting room at a for profit company, you might want to spell correctly.
Ha...but not word check....there/their, pier/peer, effect/affect, hear/here, etc.
Cain't teech wot ya dont no!
Just remember, the younger generations are paying for all the Social Security, Medicare, and other Ponzi retirement plans. The same Ponzis that the older generations get to use to plunder younger generations (and generations that haven't even been born) with.
Who's really the entitled ones again?
The IRS/IMF/UN criminals who steal all that money? Don't look now but they're moving to kill off the old people before they become eligible for nursing home abuse, medical malpractice & overbilling. Lots of cancer.
They're going to kill the young people too. Who do you think goes to fight the wars once the SHTF? ;)
Just remember, the younger generations are paying for all the Social Security, Medicare, and other Ponzi retirement plans. The same Ponzis that the older generations get to use to plunder younger generations (and generations that haven't even been born) with.
Who's really the entitled ones again?
How can that be IF the younger ones are not working?.Plus the OLDERones getting te SS?MC already paid for it over a lietime,you need to at leat be fair.Entitled?, hell yes, they PAID IT in to theirt Elders just the same as today.
The only thing you need to keep in mind here: any data from the Bureau of Labor Statistics is not worth the paper its printed on.
This is being touted as a wonderful jobs report? I've never seen anything so fucking bizarre in my life. This is a joke of a report this is a joke of a recovery what the hell are we doing? The future of a country is not in the old people it is in the youth it is in economies that are growing producing things not selling Chinese made goods or having the old people as greeters for Walmart.
Shrug. Here's the deal. I can hire a guy with 35 years of experience, requires no training, has no tatoos so he can meet with customers, speaks standard English, and shows up for work at 8:30 am every morning without fail, OR I can hire a tatted kid, who wants, no, DEMANDS, "flexible" "working" hours, and has his head up his phone.
It's not even about the money. I'll pay more for someone who can GET THINGS DONE in a timely manner and in front of customers and co-workers.
The old folks fucked the young folks. And they have no intention on stopping now.. I see in the public sector when an a overpaid ticket writer retires and gets rehired as the BA or some other PUBLIC taking job, blocking a job for a younger person....but get this, the retired cop, says to taxpayers I'M SAVING YOU FROM PAYING FOR HEALTH INSURANCE THAT SOMEONE YOUNGER WOULD BE GETTING !!!!
My Crystal ball, keeps showing WAR, a generation War.
"Older" workers...on time, can read and write, know math, more honest, reliable, steady and on and on. Young folks? Distracted, no writing skills, no reading skills, no practical knowledge, late.
Horrible generalization but close to true for all.
WPA needed now! Put the youngsters to work on public WORK projects that require little skill and just hard work. Cruel! Oh my!
Well, around here where I live, there is a Steelworkers' Union hall. Mostly are involved in logging truck maintenance and truck driving & driving forklift when a ship is in. Government protected: NEVER worry for their jobs and highly-paid, face no labour competition for those jobs, either... They are almost all older than 50 and the parking lot is FILLED with late-model Ford F150 and F350, Dodge Ram, etc. pickup trucks and SUVs.
I'll do their grunt jobs for $15/hour. Will I even be allowed to offer? These guys are the REAL banksters, hogging all the jobs and salary...
Kreditanstalt
"Steelworkers' Union" After the I Walk Alone union's pension fund went bust they had to merge with the Steelworkers. Fools- they should have merged with a government union where revenues are compelled out of the taxpayer. This is, until there are no feathers left on the goose.
I can't believe you cannot find a job above $15/ hour.
I'm 65 underqualified for everything. My biggest worry is who is going to win the !st at Gulfstream today. Happily underqualified.
WTF !!!!!! Guess, he better win now.
The #2 looks good with Paco Lopez.
The #2 looks good with Paco Lopez.
You're behind the times #2 won the first race ... Yesterday
I managed a subsidiary in Germany, where it was in vogue (and legal) to willfully discriminate and not hire people over about 40 to 45. This is what I learned:
1) Young hires show up late and hung over, and call in sick a ton.
2) Older hires showed up on time, worked late when necessary, and didnt spend half the morning bragging about getting drunk or laid the night before.
So fuck the youth hires - they may be nicer to look at but I left those for the other groups, hired people in the 40s or above who know how to get shit done, and had the most successful org there.
The value of labor is contuning to decline. Employers want people who are highly experienced, do not waste time, and give them the most value. Young people could become people like this, but no one wants to bear that maturation time.
The value of labor is contuning to decline.
Oversupply, given automation and outsourcing.
Bah, who cares about the trash class. How is the Elysium Class and the Elysium Support Class doing?
Let's stick to the people that matter, shall we?
Read "The Fourth Turning"
It is not a class war we face, it is a generational battle that is coming. The Baby Boomers have promised themselves the world. You think we are going to sit here and let them take from us???
HELL NO!!!! If it's a war they want.... GIVE IT TO THEM!
The fact that you think this is a generational issue just means you're stupid enough to believe the mainstream media. The transnational, transgenerational wealthy have stolen from all of us who are not them, and it's in their self interest to have the 99% fight each other, not them.
The real enemy are these wealthy, and great wealth in general. Wealth = political power, which effectively disables effective democracy.
I tell ya, I love being over the hill, so to speak. Not that it's an easy downhill slope now, but I've gone through so much crap and I know pretty much what could be served up.
Old people still do most of the charity. Basement babies do most to support Mexican drug lord. if you want to get the most bang for your buck and do the most good, who would you hire?
Obvious these bullshit numbers are the prelude to moar State sanctioned discrimination against older workers, to burn US down faster. just like the current State sanctioned discrimination against hiring older government workers.
Inefficiency
Inside
I was just speaking to my brother about this!
For the record I am 50 with 3 teenagers and he is 40 with 3 under 10's
I told him that I think the only viable reset for America is to kill everyone over 50 (me included) - think about it that would immediately solve the unemployment and medicare and social security problems.
Our country would be a younger more vigorous and more hopeful nation with the chance to solve tractable problems instead a gerontocracy scheming to create "mafia" type cartels that squander wealth on themselves - future generations be damned and interminiably indebted!
And please spare me your talk of leadership issues or work ethic and the young - they've been given NO opportunity whatsoever for either - our colleges and the debt that goes with them are just vast holding tanks for the un and under-employed.
He balked saying jeez that only gives me 10 years - can't we at least make it 60? I said that I thought I was being generous by adding 20 years to the 30 year deadline in Logan's Run to which my younger brother responded "Logan's what"?
I make this proposal because I am terrified for my kids and the paucity of opportunity they face. In terms of generational sympathy I also recognize from my peers that the majority of the 55+ set are not getting prestige / high dollar jobs - in fact they are poaching (because their lives depend on it) the part time and service gigs that formerly went to students and teens...
Problem is ... your brother and his generation would end up just liker the boomers ... it's the nature of man. Killing off the elders would set a real bad precedence.
Factor in the unbelievable claimed increase in population for the last 15-20 years. The unborn.
That is what you get for voting for Obama...they deserve it. Of course the 55 and older....are taking any job so they don't have to eat dog food.
This demographic is Obamaphobic so I don't believe they contributed to his victory.
The only hope for millenials is to buy an 8 person tent, live in it in your parents back yard renting the tent 7 other people. Charge 50 cents to use the bathroom in your parents house. And work 3 parttime jobs at or below(if working for cash) min wage.
PS This only works if you have skipped college and do not have any student debt. Student debt = debt slavery to the state.
That's news to me.
This is not the most shallow and misleading analysis of employment and economic data I have ever seen, but it is right up there.
1. Older employees tend not to be mobile, and in a tough economy tend to hold on to what they have. Especially in an economy where retirement may not be a viable option.
2. The steady increase in jobs for older people which this longer term chart shows indicates an aging worker population as much as anything else. If there are NO jobs increases, the number of jobs held by people over 55 will keep growing larger if people are working longer before retiring.
3. Last hired first fired, when it comes to layoffs.
4. It shows nothing about wages and quality of the jobs. It shows nothing about a hiring bias to older people with more health problems etc. The problems of getting a job when you lose yours and are over 55 are legendary.
Yes a tough economy is hard on new job entrants, and there are ways to address this. But this 'study' is highly misleading.
I do think that there are some constructive things one can say about the data, but not many of them appear in this item on ZH, and I think we can expect a little better.
Dave Kranzler on today's gold trade, employment numbers, Ukraine and more:
"The U.S. Government Is One Big Lie"
http://thenewsdoctors.com/?p=122129
I guess you can look at it in a positive way: You don't have to work until you're 55!! Just sit back, enjoy your life, and let the old people support ya!