People are working longer, and it’s changing the labor market

The U.S. workforce is getting older. Workers over 55 now account for 23.2% of the workforce, while the number of workers aged 65 and older shot up by more than 40%, the sharpest increase of any age group. Myperfectresume, using data from the Bureau of Labor Statistics, says the one percentage point increase in the 55 and up segment “may not seem dramatic, but it represents millions of people and a meaningful structural change.” Occupations with the oldest workers are farmers, school and public bus drivers, clergy and bookkeeping, accounting and auditing clerks. The analysis notes that “some occupations aren’t attracting enough younger workers to replace those who leave,” which could create tight labor conditions as retirements increase.