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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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

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.   

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.


elwind45's picture

Stillllllllll stacking /fixed it

NotApplicable's picture

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

oklaboy's picture

can I get some a dat good heyron?

Edward1290's picture

How I Learned to Stop Worrying and Love the FED

Hughing's picture

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

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


tarsubil's picture

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

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

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.

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.

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....

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.

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 ?

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.

buzzsaw99's picture

we don't need no steenking jobs

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.

g'kar's picture

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

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:

"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.


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.

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.

pods's picture

What if it was an elderly Mexican?


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.

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.

ParkAveFlasher's picture

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

Ident 7777 economy's picture

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

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.

what's that smell's picture

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

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:

oklaboy's picture

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

Seasmoke's picture

I'm retired UNTIL I turn 65. 

1stepcloser's picture

Per the Government these folks retired!    

Bill of Rights's picture
US March factory orders +1.1% vs +1.5% expected


Big miss

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.

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.

ILLILLILLI's picture

...and Twitter on their phones.

jtlien's picture

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

    Famous line from the movie "Raising Arizona"


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?

scubapro's picture



hmmm, that age group and "business/professional service"....sounds like a boom in real estate license issuance to 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.

all-priced-in's picture

Student loan debt must have gone through the roof.





elwind45's picture

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

elwind45's picture

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

zackattack333's picture

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