Unemployment Plunges for Country, Seniors

Unemployment Plunges for Country, Seniors

Unemployment sits at 3.8% in May, an 18 year low according to the Bureau of Labor Statistics, and the unemployment rate for people 55 and older decreased to 3.0%.  The 3.8% unemployment rate is also tied for the lowest unemployment since 1969.

Despite the promising numbers nationwide labor force participation slightly declined to 62.7% while 55+ labor force participation is actually increasing and now at 40.1%.

Despite the booming economy on paper, there is a trend of Americans working into retirement due to financial worries.  Chief amongst those concerns is the health of social programs such as Social Security and Medicare.

The Bureau of Labor Statistics is projecting that workers over 65 years of age will have the fastest growing labor force participation of any demographic in America in the coming years.  As the population and working force age, a shift will take place in attitudes towards employees working past the retirement age.

Also, of potential concern is the large amount of job opening currently available.  Lowering unemployment does suggest that employers are casting there net further into the unemployed population.

And despite some pay increases across the board, many economists and perhaps workers as well are worried that pay is not increasing fast enough.

 

However, despite the concerns many Americans will be satisfied with the current employment market as fewer people sit at home looking for jobs in the strong economy.

We can Help! Our local advisors can help your family make a confident decision about senior living.

Call: 800-997-1342

ABOUT THE AUTHOR

Alec Pronk
Alec Pronk

Political writer who also enjoys playing and watching soccer, basketball and chess. I also enjoy teaching English as a Foreign Language among other subjects.

Popular news

Catherine Marucci

Aug 6, 2018

Is a Tiny Home a Retirement Housing Option?

As we get older, a large house can become cumbersome. In addition to there being a lot to maintain and clean, accessibility issues may also arise if there

Read More
Is a Tiny Home a Retirement Housing Option?

Jodelle Maglaya

Jul 22, 2018

Doctors Rely on Data and "Gut Feeling" to Determine Medical Decisions

As artificial intelligence is on the rise and many senior citizens are seeking medical care, many are wondering if technology itself can make the best decisions for patients. MIT computer

Read More
Doctors Rely on Data and "Gut Feeling" to Determine Medical Decisions

Alec Pronk

Jul 27, 2018

Google Targets Seniors for Nest Smart Home Sales

Residents in assisted living facilities and nursing homes may soon see Google’s Nest product in their homes as the company aims to push into the senior citizen market.  The Nest

Read More
Google Targets Seniors for Nest Smart Home Sales
All copyrights reserved © 2018 • Design and Development Boomers Assistance Facilities