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 [3], 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.
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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.
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The biggest winner? Old workers, those aged 55 and over as can be seen in the chart below.
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And the following chart too, which shows that at 32.5 million, America has never had more workers aged 55 and over.
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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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