• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Old Workers Hit New Record High As Jobs For Key 25-54 Age Group Slide By 142K

Tyler Durden's picture




 

Another month, another case where the primary age group of the US work force, those aged 25-54, gets shafted.

According to the BLS' household survey, while overall July jobs rose, if modestly less than the 209K revealed by the establishment survey, there was no joy for those aged 25-54: historically the most important and highest earning age group (in case anyone is wondering where all that missing average hourly earnings growth is) within the US labor force. As the chart below shows, while all other age groups posted a jobs uptick, it was those 25-54 that saw a 142K jobs decline in the past month.

 

And while total jobs may have recovered their combined losses since the start of the Second Great Depression in December 2007, it is cold comfort for the 25-54 age group, which still has some 2.5 million job gains to go before it recovers all losses.

 

The biggest winner? Old workers, those aged 55 and over as can be seen in the chart below.

 

And the following chart too, which shows that at 32.5 million, America has never had more workers aged 55 and over.

 

But please don't blame the old workers: they are merely doing whatever they can to survive in a day and age in which the Chairsatan(ette) has made the lifetime product of their labor, their savings, worthless thanks to ZIRP and soon, NIRP.

If that means no jobs for other age groups, then please direct your complaints to the Marriner Eccles building.

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Fri, 08/01/2014 - 09:22 | 5032170 rccalhoun
rccalhoun's picture

i got a job collecting welfare

Fri, 08/01/2014 - 09:25 | 5032178 FrankieGoesToHo...
FrankieGoesToHollywood's picture

Is that working from home?!?

Fri, 08/01/2014 - 09:40 | 5032232 GetZeeGold
GetZeeGold's picture

 

 

25-54 Age Group Slide

 

Molly geez.......that's a pretty big window!

 

You could almost call that most people and get away with it.

Fri, 08/01/2014 - 09:42 | 5032238 Headbanger
Headbanger's picture

Fonz got a job blowing his bankster bozz.

Fri, 08/01/2014 - 09:44 | 5032254 fonzannoon
fonzannoon's picture

I thought I was the bankster??? I thought that was you down there blowing me???!!!

Fri, 08/01/2014 - 09:48 | 5032274 pods
pods's picture

What's green with white spots on his face?

Kermit! 
:)
pods 

Fri, 08/01/2014 - 09:52 | 5032285 Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

Hmmm. Did we just have a mini flash crash on the Dow?? The Market Watch chart had minus 350ish points for a few moments, and then the page updated and wupti it was minus 30ish points. The minus 350 had to come from somewhere in the datastream soup, right?.  

Fri, 08/01/2014 - 13:00 | 5033426 L G Butz PhD
L G Butz PhD's picture

dude

are you okay?

Fri, 08/01/2014 - 10:14 | 5032376 Mr Pink
Mr Pink's picture

I talked to a couple people last night, one worked in emplyment services and another in construction. The woman in employment services said she has tons of jobs to fill but no one wants to work. The construction guy said the industry is having trouble finding anyone that is willing to learn a trade.

My conclusion is that 20-40 year olds are either lazy or they have figured out that the middle class are slaves in this country and have decided to drop out

Fri, 08/01/2014 - 10:45 | 5032490 lasvegaspersona
lasvegaspersona's picture

That is  not what I hear. Lots of folks wanting jobs around here.

Some truth perhaps to not wanting some kinds of work but some of that may be lack of trust in the sustainability of say construction work in an environment of hit and miss projects coming online.

OT but I'm visiting Illinois and took the kids to the Woodfield area yesterday. I had a $30 purchase and the guy says 'that'll be $37'...yep 14% sales tax...they  don't call it Crook County for nothing....14%...yikes!!

Fri, 08/01/2014 - 16:27 | 5034673 pasttense
pasttense's picture

So you missed math class? $7 tax on a $30  purchase is 23%+

 

Fri, 08/01/2014 - 11:22 | 5032710 Metalredneck
Metalredneck's picture

Consider yourself an artist, drawing welfare.

Fri, 08/01/2014 - 09:24 | 5032173 LawsofPhysics
LawsofPhysics's picture

What do you expect with absolutely no yield on savings?  Duh.

Encouraging bad behavior catches up with you, eventually...

Fri, 08/01/2014 - 10:10 | 5032355 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

Precisely.

Fri, 08/01/2014 - 09:23 | 5032174 DOT
DOT's picture

Where has the real money gone?

Fri, 08/01/2014 - 09:25 | 5032176 LawsofPhysics
LawsofPhysics's picture

That's what germany wants to know too.

Fri, 08/01/2014 - 09:45 | 5032250 GetZeeGold
GetZeeGold's picture

 

 

So Germany just walks into the vault and takes their gold home. How hard can it be?

 

If the Fed is a tad short....I would point out it's on sale today.

Fri, 08/01/2014 - 10:04 | 5032327 Long-John-Silver
Long-John-Silver's picture

I would point out it's on sale today.

And what a sale it is! You can buy it below what it costs to dig it out of the ground.

Fri, 08/01/2014 - 11:40 | 5032827 Harbanger
Harbanger's picture

I would remind you that Germanys Central Bank needed and took a bailout from the Fed.  They sold their Gold for fiat bitchez, you can't get a refund.

Fri, 08/01/2014 - 09:24 | 5032177 pods
pods's picture

Eeek, the 25-54 is the group that is most likely to hit what they aim at.

Mr. Yellen, better make this next one a double.

pods

Fri, 08/01/2014 - 09:29 | 5032195 NoDebt
NoDebt's picture

And they're the ones expected to pay for the trillions in unfunded liabilities coming due over the next couple decades.  God help us all.

Fri, 08/01/2014 - 10:01 | 5032312 what's that smell
what's that smell's picture

"I'll give up my job when you pry it from my cold, dead hands": baby boomers (unable to retire because they've been windsurfing on the future's credit card).

Fri, 08/01/2014 - 10:49 | 5032505 lasvegaspersona
lasvegaspersona's picture

Boomers are first in line to get screwed...only 3 years worth are at retirement age. Some over 66 are still working. I doubt most will see a return on the 50 years of SS tax they have paid at 15.2%....bitch about them AFTER they get paid.

Fri, 08/01/2014 - 09:33 | 5032212 Shizzmoney
Shizzmoney's picture

The 18-35 demo is surely expendable.  I know, lets start a war!  That will employ people real quick!

Fri, 08/01/2014 - 09:44 | 5032256 Dr. Richard Head
Dr. Richard Head's picture

When I was an executive recruiter from 2000-2007, there were articles everywhere talking about the "unprecedented" lack of labor due to baby boomers retiring.  Thankfully the banksters fixed that problem.  /sarc

 

Fri, 08/01/2014 - 11:17 | 5032687 NotApplicable
NotApplicable's picture

The only wide-open career path for them is to become professional gamers, as nearly everyone over 50 cannot be competitive.

I find it fascinating to see arena's packed with kids watching other kids play video games (or watching it over a net stream on Twitch). Some of these tournaments have had over 30 million viewers.

Mom's basement is gonna be the new office.

Fri, 08/01/2014 - 11:18 | 5032692 PT
PT's picture

and "By the time you get there, most people will be retiring at age 55."  - Popular propaganda propagated by MSM and superannuation salesmen after superannuation was made compulsory in my country approx. 20 years ago.

Not that I believed them.  The instant super was made compulsory, I knew we were screwed.  The first generation to get HECS loans gets to retire early???  Yeah, right.

As for why the oldies keep working, they're cheaper.  They've already paid off the house and the kids have grown up and left home (errr, and come back home again - that stuffs up that theory) so they can live on less money.  They're quite happy to work part - time because they don't need that much money anyway.  Plus they don't have to learn how to use your proprietary equipment because they've spent the last 40 years using it.

Fri, 08/01/2014 - 09:36 | 5032220 GubbermintWorker
GubbermintWorker's picture

Fuckin' A right Sonny! And we bought plenty of ammo when it was cheap!

Fri, 08/01/2014 - 09:25 | 5032179 augustusgloop
augustusgloop's picture

oldsters will work for a can of wet catfood

Fri, 08/01/2014 - 09:31 | 5032204 Winston Churchill
Winston Churchill's picture

Ebola and strontium 90 have been known to reduce demand.

If you needed any more proof of what TPTB have planned for us, you deserve

whats coming.They are out to kill us on multiple fronts.

Allowing in ebola patients should have everyone going apeshit , nary a word.

We sitting meekly in the cattle cars, on the fast train to hell.

 

 

Fri, 08/01/2014 - 09:39 | 5032231 LawsofPhysics
LawsofPhysics's picture

Actually knew several people at the USDA and CDC labs in and around Atlanta.  Far nastier shit has been worked with there for a very long time.  Remember one guy telling me about the time they were working with a 100% fatal bird virus and then realize that someone had forget to put the sepa filters back in the hoods.  Shut the place down for a day, but not a word to the public.

 

Same as it ever was.  As a young ARMY AMEDD officier we had the pleasure of incinerating a building at Fort Detrick along with everything and everybody in it.

 

They don't call it the "bleeding edge" of technology for nothing.  Come on Winston, I know you know this.  Christ, just think of all the pilots we sacrificed simply trying to go supersonic.  It's always "for the greater good".  Get with the program.

Fri, 08/01/2014 - 09:41 | 5032237 GubbermintWorker
GubbermintWorker's picture

Yeah Winston, don't believe the hype. Ebola is NOT air borne like a lot of the really nasty stuff is.

Fri, 08/01/2014 - 09:48 | 5032276 Winston Churchill
Winston Churchill's picture

Open question.The more cases, the more opportunity for it to mutate into aerosol transmission.

And it is airborne via fly vectors in its present(old)form.

This is demonstration of  US hubris again, by bringing it here.Pride before the fall.

Dumb as shit IMO

Fri, 08/01/2014 - 09:52 | 5032287 LawsofPhysics
LawsofPhysics's picture

"This is demonstration of  US hubris again, by bringing it here." -  It's been here for quite some time, and it's not the nastiest thing we have been working with from the standpoint of transmission rate, fatality rate, or mutation rate.

Fri, 08/01/2014 - 10:06 | 5032342 corporatewhore
corporatewhore's picture

what difference does it make?

HRH Hillary Clinton

Unfortunately, I keep remembering the adage "no good deed goes unpunished" , "this time it's different" and Murphy's Law "what can go wrong will".

Fri, 08/01/2014 - 09:40 | 5032182 buzzsaw99
buzzsaw99's picture

The biggest winner? Old workers, those aged 55 and over...

Yeah, I've noted quite a few of those "winners" lately. Many here relentlessly proclaim the worthlessness of clownbux but the only difference between a future that looks like the picture or one poolside with a drink in my hand IS CLOWNBUX.

Fri, 08/01/2014 - 09:27 | 5032189 101 years and c...
101 years and counting's picture

shocker. steal the boomers' "wealth" during the 2000 and 2007 equity bubble crashes and now they have no money for retirement.  forcing those 25-54 to wait for the tens of millions of boomers to die....or retire at 80.  good job alan and ben at fucking an entire generation that actually worked hard their entire lives.

Fri, 08/01/2014 - 11:38 | 5032815 Agent P
Agent P's picture

Boomers all across the country are pulling a Brett Favre and un-retiring. 

 

Fri, 08/01/2014 - 09:33 | 5032211 yogibear
yogibear's picture

Keep raising the caps and allow more H1b's to replace those old WM door greeters. WMs are supposed to be a dying breed. (sarc)

Fri, 08/01/2014 - 09:34 | 5032216 Latitude25
Latitude25's picture

I'm in the oldest age group and training the younger groups.  Does that mean I'm forgiven?

Fri, 08/01/2014 - 10:21 | 5032403 Bossman1967
Bossman1967's picture

feel sorry for you. these youngsters don't want to work nor have a work ethic

Fri, 08/01/2014 - 11:39 | 5032821 PT
PT's picture

No.  The ones who want to work are all unemployed while the deadbeats have jobs.  How does that happen?

"The sons of the tradies stuff around the most at trade school.  The kid doesn't know what he wants, he stuffs around, eventually his dad teaches him his trade in the hope of keeping his son off the streets and out of jail." - explained to me by an older tradesman.

Why do the good kids not get hired?  "He's got all the tickets but he doesn't know shit."  In other words, absent of any opportunity to get experience, some kid invests his own time and his own money towards trying to make himself useful in this world and in return he gets a smack in the head.  Some shit you just have to learn on the job.  Sons of tradies pick this up from their dads.  Other kids never get the opportunity.  But the bosses will deliberately bypass the good kids and hire the dead beats.  There are good kids out there, but you do have to invest a day or two in showing them what they could not find for themselves.

It's a similar situation to the women who complain "there are no good men out there" when the fact is that they are only attracted to confidence i.e. men who are already rooting ten different women.  Girly gets all surprised that her boyfriend roots around.  She wasn't attracted to the faithful men because they looked too weak.

Fri, 08/01/2014 - 11:51 | 5032913 PT
PT's picture

True story:  One of my apprentices had never done wood work or metal work at school.  Through some bizarre school stuff-up, he missed out and ended up doing extra cooking and sewing classes instead.  Bottom line is, you told him what to do and he did it.  If he didn't know what to do, he asked questions.  He was a good worker.  Now he's a tradesman.

Fri, 08/01/2014 - 09:36 | 5032222 BurningFuld
BurningFuld's picture

Fuck I hate Walmart. That guy in the picture WAS an independent business man and Walmart came along and ruined his business by using slave labor and a government subsidized work force. Then went on to help out the local community by sucking every bit of profit out of it and sending it to the Walton family.

(ie. When the old guy had his business the taxes he paid were going towards putting him out of business.)

Fri, 08/01/2014 - 10:36 | 5032445 givenoquarter
givenoquarter's picture

Old GUY? Its name is "Christy" according to the name tag. I assume it is either the ugliest woman ever recorded other than Hillary or the oldest pre-op trannie on record. 

On a serous note, I agree with you. Support local small business!

Fri, 08/01/2014 - 10:47 | 5032499 The Most Intere...
The Most Interesting Frog in the World's picture

I can spot a sugar daddy a mile away.  Christy, that's his 19 year old bitch sittin' at home smokin pot and playing video games till daddy gets home and gives her some lovin'.

Fri, 08/01/2014 - 11:28 | 5032744 Emergency Ward
Emergency Ward's picture

Either that or judging from the smile on his face, there is a hot young Christy waiting for him in the stockroom.  Her name tag says Charlie.

Fri, 08/01/2014 - 11:25 | 5032723 NotApplicable
NotApplicable's picture

Walmart, et al. are merely symptoms of the real problem, massive expansion of the monetary base by the Fed.

Without access to easy money WM would've not have had the capacity to become the retailer of last resort.

If you had Greenspan/Bernanke/Yellen's Magic Checkbook, what business couldn't you undermine?

Honest work simply cannot compete in this system, as ALL productivity is being replaced with financialization of the corps in a massive wealth transfer to those nearest the Fed. You either play ball or die as rising input costs consume your business (ala "Mom & Pop").

Fri, 08/01/2014 - 09:38 | 5032230 Cognitive Dissonance
Cognitive Dissonance's picture

"Screw the future. Now is all I'm interested in." - Mama Yellen

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