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Workers Younger Than 55 Lost 259K Jobs In April

Tyler Durden's picture




 

Taking another peek beneath the only headline that vacuum tubes and algos care about, namely the headline establishment survey print, reveals another mockery of a "recovery", because in addition to the farce that 1 million Americans were added to the "not in labor force" number, a breakdown of jobs added by age group reveals more of the same. Namely, in the one most important age group for jobs, those workers aged 25-54 which represent the bulk of the US labor force and are also the best and most productive group, the total number of jobs tumbled from 95,360K to 95,151K, a drop of 209K!

But wait, because it wasn't just the most important age group bucket: it was all younger workers who got the shaft: jobs in the 16-19 age group dropped by 24K, while those in the 20-24 age group declined by another 26K, which means that in the "young" workers category, those under 55, some 259K jobs were lost.

So did anyone gain jobs in April? Why yes: according to the establishment survey, the only beneficiary of whatever this "recovery" is, were workers aged 55-69, who gained 174K jobs.

In fact, while the total number of jobs lost since the great depression may have been recovered, looking at this data set broken down by age groups reveals something very different: a recovery which continues to favor the old, those 55 and older, at the expense of the young, or those below 55, who still have 2.8 million jobs to go before recouping losses.

Source: BLS

 

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Fri, 05/02/2014 - 09:56 | 4719854 holdbuysell
holdbuysell's picture

Is the 29-54 category losing jobs simply because these people are moving ever more quickly into the next bucket of 55+?

edit: i.e. baby boomers bubble

Fri, 05/02/2014 - 09:59 | 4719869 MillionDollarBonus_
MillionDollarBonus_'s picture

Seriously, it's time for the ZH cynics to give up. You need to know when to quit, or you're just going to look dumber and dumber each time another awesome economic figure is released or every time gold and silver take another plunge. The moaners and whiners on this site are like the people who claimed that Obamacare would collapse the US economy, or that interest rates would sky rocket when the Fed ended QE: WRONG, WRONG, WRONG.   

Fri, 05/02/2014 - 10:01 | 4719886 NoDebt
NoDebt's picture

MDB- your posts are having the same problem as articles from The Onion.  No matter how sarcastic you are, reality is crazier.

 

Fri, 05/02/2014 - 10:29 | 4720004 elwind45
elwind45's picture

Stillllllllll stacking /fixed it

Fri, 05/02/2014 - 11:01 | 4720190 NotApplicable
NotApplicable's picture

Well of course old people are still working. How else can they afford to eat premium brand dog food?

Fri, 05/02/2014 - 10:02 | 4719888 oklaboy
oklaboy's picture

can I get some a dat good heyron?

Fri, 05/02/2014 - 10:02 | 4719892 Edward1290
Edward1290's picture

How I Learned to Stop Worrying and Love the FED

Fri, 05/02/2014 - 10:08 | 4719914 Hughing
Hughing's picture

Unemployment will be under 5% and QE ended. All will be declared fixed for Hilary's run '16.

Fri, 05/02/2014 - 10:13 | 4719931 Charles Nelson ...
Charles Nelson Reilly's picture

take a listen to Kyle Bass there MDB.  Your celebration now is the equivelant of a touchdown dance at the 50 yard line

https://www.youtube.com/watch?v=VBPZ58dzjfE

 

Fri, 05/02/2014 - 10:27 | 4719988 elwind45
elwind45's picture

Did his gal pal dump on him?

Fri, 05/02/2014 - 10:33 | 4720023 tarsubil
tarsubil's picture

Thanks. If I hear him right, he called the employment numbers.

Fri, 05/02/2014 - 22:49 | 4722861 Ghostdog
Ghostdog's picture

The market will drop shortly after QE is completed, which it isnt. We wont have higher interest rates we will have even lower ones as a deflationary depression will win this. The ACA just started. Give it time to entomb everyone. Rome wasnt built or burnt in a day and for the record, I believe 988K of people fell out of the labor force. No matter how you slice it, less people working means less taxes collected, unless they raise them, which in that case, that will be enough to send housing for another 33% dip. Good night

Sat, 05/03/2014 - 11:47 | 4723625 moneybots
moneybots's picture

"Seriously, it's time for the ZH cynics to give up. You need to know when to quit, or you're just going to look dumber and dumber each time another awesome economic figure is released or every time gold and silver take another plunge."

 

92 million not working, is an awesome number of people.  The employment to population ratio of 62.8 is an awesomely low number.

The Establishmant number was +288,000 while the household survey was -73,000

That is a huge gap between two surverys.

The unemployment rate dropped from 6.7 to 6.3 because 800,000 dropped out of the labor force, not because a huge number of people got jobs.

It is not about cynicism, it is about reality.  Better start paying attention to it.

Fri, 05/02/2014 - 10:01 | 4719884 Buckaroo Banzai
Buckaroo Banzai's picture

How many in this age group of most productive people are going Galt?

Wish the BLS would start tracking this important statistic.

Fri, 05/02/2014 - 12:36 | 4720674 The_Dude
The_Dude's picture

I wonder if this is the statistical distortion of those >55 cohort not dropping out of the workforce since THEY CANNOT RETIRE!  Normally, most would hit 65 and start to drop out.  With their finances wrecked, they stay in the workforce, holding the position and not allowing movement up of subordinates. 

The youth are simply locked out due to lack of opportunity, onshoring/outsourcing (see temp worker growth), illegal immigrant labor that they are easily substituted for, lack of skills (that they won't get since they don't get hired) and as you mention, dropping out. 

We should be ashamed of ourselves....

Sat, 05/03/2014 - 11:55 | 4723648 moneybots
moneybots's picture

"I wonder if this is the statistical distortion of those >55 cohort not dropping out of the workforce since THEY CANNOT RETIRE!  Normally, most would hit 65 and start to drop out.  With their finances wrecked, they stay in the workforce, holding the position and not allowing movement up of subordinates."

 

They may be staying in the work force at retirement age, but this story is about hiring, not about people staying in positions.  Most of the new jobs are in lower wage service positions, thus i would take from it that older people are losing their good paying long term position and winding up in service jobs, competing with young people at the lower end of the ladder.

Fri, 05/02/2014 - 10:05 | 4719904 whatsinaname
whatsinaname's picture

Did you read what the Fedex guy in Atlanta said ? Reflects some of what I read here.

He saw no light at the end of the tunnel.

We can do better than this for our youth cant we ?

Fri, 05/02/2014 - 12:31 | 4720648 drchris
drchris's picture

Here are some back of the envelope calculations based census, mortality rates, and participation rates:

+ 180k employed persons turned 55 in April (read on)

- 40k employed persons in the 55-69 group died in April

- 130k employed persons in the 55-69 group retired in April

= +10k increase in employed persons 55-69 due to aging population

 

So I would say that there is no chance the increase is due to employed persons moving from age 54 to age 55.

Fri, 05/02/2014 - 09:56 | 4719859 buzzsaw99
buzzsaw99's picture

we don't need no steenking jobs

Fri, 05/02/2014 - 10:05 | 4719901 what's that smell
what's that smell's picture

smells like a bunch of i-forgot-to-save-for-retirement-cause-i-spent-it-wind-surfing baby boomers.

Fri, 05/02/2014 - 11:00 | 4720184 g'kar
g'kar's picture

The smell of deaths' around us. Ooh, ooh that smell.

Sat, 05/03/2014 - 12:15 | 4723688 moneybots
moneybots's picture

"smells like a bunch of i-forgot-to-save-for-retirement-cause-i-spent-it-wind-surfing baby boomers."

 

Smells more like people have seen the stock market crash 50% twice in the last decade.  Baby boomers also got the thrill of seeing their retirement funds drop 22% in one day in 1987.

 Then there is this: http://www.marketwatch.com/story/john-bogle-retirement-investors-leave-8...

"The second piece of math is courtesy of Bogle. If you pay a hefty fee to an active manager, what happens to your potential return?

Answer: Nothing good. At 2.5% over a typical investor's lifetime, an astounding 80% of compounding returns ends up in the hands of the manager, not the investor, by Bogle's calculations"

That is the high end of the fee range, but Wall Street fees and expenses take a big chunk out of the gains in the funds themselves, even at a lower percentage fee. 

Then there is just outright Wall Street fraud, which harms people's accounts.  You can watch about those on American Greed on CNBC.

 

Fri, 05/02/2014 - 09:57 | 4719863 101 years and c...
101 years and counting's picture

went to mcd's the other day. very nice elderly man was the cashier.  point is, elderly man taking these jobs now.

Fri, 05/02/2014 - 09:58 | 4719867 oddjob
oddjob's picture

McRaisins

Fri, 05/02/2014 - 09:58 | 4719874 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

I would rather have an elderly working than a snot nose lazy millenial or a broken english speaking person who always fucks up your order, and that goes for any shitty fast food joint.

Fri, 05/02/2014 - 10:18 | 4719947 pods
pods's picture

What if it was an elderly Mexican?

pods

Fri, 05/02/2014 - 11:30 | 4720348 corporatewhore
corporatewhore's picture

maybe it's because the older people like myself can speak English, can count change, are willing to work despite being paid shit, aren't doing drugs, are reliable and prompt and desperate to survive.

since we can't get jobs in the sex industry it's all we've got.

Fri, 05/02/2014 - 10:00 | 4719871 Ribeye
Ribeye's picture

chuckle:)

Fri, 05/02/2014 - 09:58 | 4719872 NoDebt
NoDebt's picture

I don't think we need to worry about the middle class being gutted.  I think it's already happened.  Past tense.

Fri, 05/02/2014 - 10:14 | 4719936 ParkAveFlasher
ParkAveFlasher's picture

Boomers are broke.  Nothing to pass off to their broke children but their crumbling suburban bones.

Fri, 05/02/2014 - 14:02 | 4721058 Ident 7777 economy
Ident 7777 economy's picture

... I read that as 'homes' but either way ...

Fri, 05/02/2014 - 09:59 | 4719873 Elliptico
Elliptico's picture

If you can hang on long enough to become a Walmart greeter, you'll be the big man on the assisted living facility campus.

Fri, 05/02/2014 - 10:08 | 4719911 what's that smell
what's that smell's picture

throw in some viagara and a solid cane and you got yourself a birth/death adjustment.

Fri, 05/02/2014 - 11:15 | 4720276 Never One Roach
Never One Roach's picture

Throw in an EBT, SNAP, Section 8, an Escalade and a Shoprider Sprinter XL4 Heavy Duty 4 Wheel Scooter and you have the new look of merika:

 

http://media-cache-ec0.pinimg.com/736x/2b/dc/d3/2bdcd39dc3705a251a402a42...

Fri, 05/02/2014 - 11:44 | 4720432 ILLILLILLI
ILLILLILLI's picture

Clean up in aisle 2...

Fri, 05/02/2014 - 09:59 | 4719880 oklaboy
oklaboy's picture

Tyler, you had to go there??????

Fri, 05/02/2014 - 10:00 | 4719882 Seasmoke
Seasmoke's picture

I'm retired UNTIL I turn 65. 

Fri, 05/02/2014 - 10:00 | 4719883 1stepcloser
1stepcloser's picture

Per the Government these folks retired!    

Fri, 05/02/2014 - 10:02 | 4719894 Bill of Rights
Bill of Rights's picture
US March factory orders +1.1% vs +1.5% expected

 

Big miss

Fri, 05/02/2014 - 10:10 | 4719917 Dr. Engali
Dr. Engali's picture

They better start that war soon so we can get some of these young trouble makers off the street and fighting for the bankers.... err... I meant fighting foe freedom and demonocracy.

Fri, 05/02/2014 - 10:27 | 4719991 ElvisDog
ElvisDog's picture

They don't need to start a war. Fattening the younger generation on endless empty carbohydrates and addicting them to mind-numbing social media will keep them passive. Revolutions are started by lean, hungry people with time on their hands.

Fri, 05/02/2014 - 11:45 | 4720439 ILLILLILLI
ILLILLILLI's picture

...and Twitter on their phones.

Fri, 05/02/2014 - 10:10 | 4719920 jtlien
jtlien's picture

"You are young, you have your health ....   What do you need with a job?"

    Famous line from the movie "Raising Arizona"

 

Fri, 05/02/2014 - 10:15 | 4719939 Marley
Marley's picture

Good numbers for Ativision.  Call of Duty first person shooters will get all sorts of career experience.  I hear they're coming out with an anti government episode next.  Got your woodie on?

Fri, 05/02/2014 - 10:16 | 4719942 scubapro
scubapro's picture

 

 

hmmm, that age group and "business/professional service"....sounds like a boom in real estate license issuance to me....no real  income but they get to show up somewhere and have coffee together while they all persue the 10% of their age group with the means to buy real estate for cash.

Fri, 05/02/2014 - 10:20 | 4719951 all-priced-in
all-priced-in's picture

Student loan debt must have gone through the roof.

 

 

 

 

Fri, 05/02/2014 - 10:35 | 4720038 elwind45
elwind45's picture

Will gold complete a triple bottom or will it death cross again?

Fri, 05/02/2014 - 10:41 | 4720072 elwind45
elwind45's picture

Would this be a goodtime to ask where gold may be going or not really give a SHIT about dead money?

Fri, 05/02/2014 - 10:45 | 4720086 CaptainSpaulding
Fri, 05/02/2014 - 11:03 | 4720199 zackattack333
zackattack333's picture

I love MillionDollarBonus_.  Makes my day listening to him/her, pure entertainment.

Fri, 05/02/2014 - 11:11 | 4720244 Chuck Knoblauch
Chuck Knoblauch's picture

"Young At Heart"

Fairy tales can come true, it can happen to you
If you're young at heart.
For it's hard, you will find, to be narrow of mind
If you're young at heart.

You can go to extremes with impossible schemes.
You can laugh when your dreams fall apart at the seams.
And life gets more exciting with each passing day.
And love is either in your heart, or on it's way.

Don't you know that it's worth every treasure on earth
To be young at heart.
For as rich as you are, it's much better by far
To be young at heart.

And if you should survive to 105,
Look at all you'll derive out of being alive!
And here is the best part, you have a head start
If you are among the very young at heart.

[Musical interlude]

And if you should survive to 105,
Look at all you'll derive out of being alive!
And here is the best part, you have a head start
If you are among the very young at heart.

Fri, 05/02/2014 - 13:05 | 4720801 CaptainSpaulding
CaptainSpaulding's picture

Sing it Frank

Do NOT follow this link or you will be banned from the site!