• Knave Dave
    05/23/2016 - 18:16
    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

Record Jobs For Old Workers; Everyone Else - Better Luck Next Month

Tyler Durden's picture




 

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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Fri, 03/07/2014 - 11:32 | 4521200 Hippocratic Oaf
Hippocratic Oaf's picture

The young are getting pi$$ed!

Too bad their anger, OCCUPY, is towards the wrong 'enemy'.

Fri, 03/07/2014 - 11:36 | 4521221 lordbyroniv
lordbyroniv's picture

Boomers..why wont you die ?!!?!  Die !!!

Fri, 03/07/2014 - 11:42 | 4521251 AssFire
AssFire's picture

"Why don't you put your head down on your desk and think about what you just said."

   -Mrs. Ward, my fourth grade teacher.

Fri, 03/07/2014 - 11:46 | 4521270 alphamentalist
alphamentalist's picture

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.

Fri, 03/07/2014 - 11:51 | 4521288 boogerbently
boogerbently's picture

Work ethic.

Fri, 03/07/2014 - 12:06 | 4521356 The Big Ching-aso
The Big Ching-aso's picture

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.

Fri, 03/07/2014 - 13:01 | 4521607 zaphod
zaphod's picture

Going as planned

Millenials learning that one should rely on the government, and not their independent labor. 

Fri, 03/07/2014 - 14:30 | 4522025 BTFDemocracy
BTFDemocracy's picture

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...

Fri, 03/07/2014 - 20:27 | 4523496 weburke
weburke's picture

good for you for thinking reasonable, but, the darker guesses are more correct.

Fri, 03/07/2014 - 12:16 | 4521411 wallstreetapost...
wallstreetaposteriori's picture

Or that fact that they can't afford their heating bills on a social security income....  they do like it warm

 

Fri, 03/07/2014 - 12:18 | 4521415 Georgiabelle
Georgiabelle's picture

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.

Fri, 03/07/2014 - 12:33 | 4521492 Bearhug Bernanke
Bearhug Bernanke's picture

agree. fuck ZIRP.

Fri, 03/07/2014 - 12:17 | 4521416 S5936
S5936's picture

Sans selfies & texting every 5 minutes.

Fri, 03/07/2014 - 12:26 | 4521426 zuuma
zuuma's picture

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.

Fri, 03/07/2014 - 12:23 | 4521428 zuuma
zuuma's picture

and the old goats vote

Fri, 03/07/2014 - 12:05 | 4521354 corporatewhore
corporatewhore's picture

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

Fri, 03/07/2014 - 16:52 | 4522761 DosZap
DosZap's picture

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.

Fri, 03/07/2014 - 12:55 | 4521575 Dr. Destructo
Dr. Destructo's picture

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.

Fri, 03/07/2014 - 12:27 | 4521441 HardAssets
HardAssets's picture

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."

Fri, 03/07/2014 - 12:58 | 4521587 Dr. Destructo
Dr. Destructo's picture

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.

Fri, 03/07/2014 - 14:17 | 4521954 Miffed Microbio...
Miffed Microbiologist's picture

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;-)

Fri, 03/07/2014 - 11:40 | 4521246 vote_libertaria...
vote_libertarian_party's picture

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)

Fri, 03/07/2014 - 11:56 | 4521304 insanelysane
Fri, 03/07/2014 - 12:36 | 4521505 S5936
S5936's picture

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.

Fri, 03/07/2014 - 14:17 | 4521953 Lost My Shorts
Lost My Shorts's picture

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.

Fri, 03/07/2014 - 15:05 | 4522215 ncdirtdigger
ncdirtdigger's picture

I never got past the picture of her lungs.

Fri, 03/07/2014 - 11:46 | 4521272 Smegley Wanxalot
Smegley Wanxalot's picture

older people dont FB and TWTR all day like 99% of the college hires I see.

Fri, 03/07/2014 - 13:01 | 4521605 Dr. Destructo
Dr. Destructo's picture

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.

Fri, 03/07/2014 - 14:06 | 4521896 -.-
-.-'s picture

http://www.youtube.com/watch?v=CtrNj47u1D8

 

If you're soft, you're lost

To stay on course means to roll with Force

Fri, 03/07/2014 - 15:44 | 4522414 RaymondKHessel
RaymondKHessel's picture

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.

Fri, 03/07/2014 - 11:43 | 4521204 TruthInSunshine
TruthInSunshine's picture

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

Fri, 03/07/2014 - 11:49 | 4521282 Smegley Wanxalot
Smegley Wanxalot's picture

Ahem.

 

For the Herbalife model to work, I need to:

. . . . . 1) have guilt, and

. . . . . 2) have friends ...

so it aint gonna work with me.

 

Fri, 03/07/2014 - 11:54 | 4521296 walküre
walküre's picture

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.

Fri, 03/07/2014 - 12:25 | 4521461 waterhorse
waterhorse's picture

Simple fix:  The politicians and cabinet advisors who advocate war should mandatorily be on the front lines of said wars.

Fri, 03/07/2014 - 11:32 | 4521205 skwid vacuous
skwid vacuous's picture

the young'ns should go look for a job at JC Penney, apparently they have "turned the corner"

Fri, 03/07/2014 - 11:35 | 4521219 Winston Churchill
Winston Churchill's picture

Staples  and Radioshack need help boarding up stores.

Fri, 03/07/2014 - 15:10 | 4521847 TruthInSunshine
TruthInSunshine's picture

+
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

Fri, 03/07/2014 - 20:37 | 4523531 StychoKiller
StychoKiller's picture

But, but SBarros makes great NY-style pizza!

Fri, 03/07/2014 - 11:34 | 4521217 Kreditanstalt
Kreditanstalt's picture

This 55+ number is also due to never-laid-off well-paid workers keeping their jobs and growing older.  They are the new rich.

Fri, 03/07/2014 - 12:45 | 4521531 bob_stl
bob_stl's picture

It's because people 65+ can't afford to retire anymore. I bet 55 to 65 hasn't changed much.

Fri, 03/07/2014 - 13:38 | 4521775 Kreditanstalt
Kreditanstalt's picture

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.

Fri, 03/07/2014 - 11:37 | 4521224 Spastica Rex
Spastica Rex's picture

I feel really old, but I'm in the group that really can't fimd da job.

Fri, 03/07/2014 - 11:37 | 4521226 therover
therover's picture

OLD BITCHEZ

Fri, 03/07/2014 - 11:49 | 4521255 Emergency Ward
Emergency Ward's picture

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.

Fri, 03/07/2014 - 11:38 | 4521230 Cognitive Dissonance
Cognitive Dissonance's picture

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.

Fri, 03/07/2014 - 11:55 | 4521301 boogerbently
boogerbently's picture

We gotta keep working to pay off our kids student debt.

Fri, 03/07/2014 - 12:00 | 4521321 therover
therover's picture

Shoot....don't get me started. +1

Fri, 03/07/2014 - 11:40 | 4521232 nightshiftsucks
nightshiftsucks's picture

Well at least the young peoples parents are working,they can keep living in the basement.

Fri, 03/07/2014 - 11:38 | 4521233 starman
starman's picture

Could this translate to my daughters school raising 50% less this years jogathon?!

Fri, 03/07/2014 - 11:39 | 4521234 Termin8or
Termin8or's picture

this should end well.

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