New study: Booming labor force and unemployment is a real problem
By Kate O’Neil, Associated Press WriterNEW YORK (AP) — It’s a job well done, a job that pays well and a career path that has helped Boomers in their golden years and is fueling their resurgence as one of the fastest-growing generations in U.S. history.
But it’s also a problem that’s getting worse.
The Boomers have long known that unemployment, poverty and other economic challenges can hit hard.
Now, some say they are in for a tough time of it.
They’re worried about the impact of climate change, the effects of automation, rising health care costs and the impact on their children.
And they’re not alone.
Some say they don’t understand how the economy will be transformed by the rising tide of retirements and the economic fallout from the opioid epidemic.
For many of them, this is their first time in the workforce.
They were born in the ’70s, the ’80s and ’90s.
They have lived through the financial crisis of 2008-2009, the economic downturn and the Great Recession, and they say they were fortunate to have jobs before the recession hit.
And for many of those who did manage to get jobs, the jobs they were hired for were temporary, at minimum wage or at low-wage, even in low-paying industries, such as retail or restaurants.
There is no doubt that many Boomers are working less and earning less.
In some states, such a decline in the labor force has been particularly sharp, as in Oregon and California.
The economy for Boomers is still strong, but its still fragile.
A lot of them were born after the Great Depression and its aftermath, when the jobs were scarce and wages low.
But the economic recovery since then has been so uneven that some people have been pushed out of jobs.
Many Boomers feel like they are losing ground, that they are being left behind, says Michael A. Johnson, a professor at George Mason University.
They are worried that they can’t continue on their current path, and the economy is headed in the wrong direction, he says.
They’re worried that the economy may be headed in a new direction.
The Boomers, whose retirement age is 65, have long faced the prospect of losing their jobs.
They were the first to join the labor movement in the early ’80a decade ago, after they had been unemployed for decades.
The Great Recession hurt.
But it has helped lift Boomers into the middle class.
They are the most educated and the most skilled in the nation, according to census data.
They also have the highest life expectancies of any generation.
The boomers have been able to put the pain behind them.
In 2017, the Boomers were the only group of Americans 65 or older to see their average wages rise over a decade, according, Census Bureau data.
Many Boomers grew up in the Great Recovery, when their wages were rising faster than their inflation rate.
The average wage for Boomer women rose more than 10% over a 12-month period, to $58,819.
That was higher than for Boer men, who were the group least affected by the recession.
For women, the wage increases were particularly strong, rising by 17.9% over that period, according the Bureau of Labor Statistics.
For women, they were the fastest growing group of workers.
By 2030, the average wage increase for women was 6.6%, compared with an average rise of just 2.4% for men, according data from the Bureau.
Women who worked full-time in the late 1990s have had the largest wage increases of any group of Boomers.
In 2018, the median wage for women working full-year was $55,500, up from $53,000 in 2019.
In 2030, it was $56,200.
For the first time, Boomers can expect to see higher wage increases.
In 2020, the annual average wage rose by 5.7%.
In 2030 that jumped to 6.9%.
By 2030 it was 7.7%, and in 2030 it would be 8.5%.
In 2020, women earned 73 cents for every dollar earned by men.
In 2023, that gap is expected to widen to 85 cents.
Women earned about 71 cents for each dollar earned for men.
And by 2030, that wage gap would be at least 10 percentage points wider than it is today.
In 2020 women earned 78 cents for the same dollar men earned, up 6.7% from 2019.
They will make more today than men in 2020.
And in 2030, women will earn about 75 cents for a dollar earned in 2020, up 9.1% from 2020.
By 2040, women’s wage growth will be faster than men’s.
The average hourly wage for workers age 25 to 54 will rise by 13.9%, from $28.32 to $31.96 an hour. Women’s