- 72% of job recovery is in over-55s
- “Silver recovery” doesn’t augur well for a healthy economy
6 February 2015, London. Paul Marson, Chief Investment Officer at MONOGRAM Investment, comments on today’s US jobs figures
“On the surface, US employment numbers look strong today. But dig below the surface and it’s obvious this is a job recovery only for the over 55s.
“There has been a total growth of 6% in US employment (or 8.2m new jobs) since the end of the recession in 2009, while jobs for over 55s have grown 22%. This means 72% of new jobs are in the 55+ age group.
“Strip out the over 55s job growth, and employment is up just 2.1% – or 2.3m new jobs. A job recovery for those looking to wind down as they approach retirement is hardly the sign of a robust and healthy economy.”
US employment growth since the end of the recession by age group