Aged Americans losing jobs at a fast pace

Americans aged 55 and above have been losing their jobs at an increasing pace. As per the report of the Bureau of Labor Statistics, a drop of around 209,000 job roles have been witnessed in March 2019, which is the biggest drop America has seen since February 2015 when 251000 job roles were dropped down for the same age group.

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Title: Aged Americans losing jobs at a fast pace
Introduction
Americans aged 55 and above have been losing their jobs at an increasing pace. As
per the report of the Bureau of Labor Statistics, a drop of around 209,000 job roles have been
witnessed in March 2019, which is the biggest drop America has seen since February 2015
when 251000 job roles were dropped down for the same age group ("U.S. Bureau of Labor
Statistics", 2019). The monthly employment number has always been volatile and it has been
more uncertain for older workers in recent times. The age group between 55 and above has
the lowest rate of employment among all age groups. The baby boomers (born between 1946
to 1964) are said to be not doing so great who are still under some kind of employment in the
U.S.
(Source: Bureau of Labor Statistics)
Discussion
The change in the employment rate of age group 55 and above is a significant and
notable change; however, it does not make a trend as this age group has always been the
lowest in the unemployment ranking among all cohorts. The age group of 55 and above has a

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jobless rate of 2.7% in the month of March 2019 which has not changed since the month of
February, making the overall unemployment rate at 3.8% ("U.S. Bureau of Labor Statistics",
2019). However, it is evident that the rate of employment as well as unemployment has
always been volatile when calculated in terms of each month. Although there are dissenting
views regarding this matter. As argued by Craig Dismurke, the chief economist at Vining
Sparks, the labor market has always been welcoming to the people aged 55 and above. A
similar view has been conveyed by Julia Pollak, a ZipRecruiter’s labor economist who said
that month to month ups and downs appear large due to the small sampling size of the survey
population (CNBC, 2019). She clarified that the current population survey is carried out on
60,000 households and the employment rate decreases as soon as it is classified as per
different age groups as well as employment status (CNBC, 2019). However, the overall trend
of employment rate when seen from the perspective to the entire nation appears to be positive
and good. Pollak explained that although the employment rate is volatile on a monthly basis,
various industries which includes the educational sector as well as the government sector see
a sluggish growth rate of the aged workers.

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(Source: Bureau of Labor Statistics)
The baby boomers have been affected with this sudden fall in the employment rate as
they have been depending on these jobs ever since they retired from their regular jobs. It is
speculated that the lack of proper economic planning and savings in their youth has driven
them to work hard for a livelihood in their older age. The dependants of the baby boomers
have been affected in this regard as well, for their standard of living has been affected badly
(CNBC, 2019). The President and his government has been pushing the legislature to make
laws for definite employment policies for the older workers. In addition, the government has
been boosting different employment sectors in the country to recruit the baby boomers for
their skill, knowledge and experience. They are said to be more hardworking and sincere in
comparison to the younger generations who tend to value the importance of employment less.
However, Craig Dismurke was firm with his stand on the growing trend of older workers. He
argued that the rate of employment of aged workers are rising and the there is no issue with a
lack of employment for them and that there are enough work available for them in all sectors
(CNBC, 2019). The government pointed out that the jobs that were taxing 20-40 years back is
not sol taxing and energy-consuming these days due to technological advancement ("U.S.
Bureau of Labor Statistics", 2019).
Therefore, it is of no concern that the aged Americans are losing job as the overall
trend of employment rate when seen from the perspective to the entire nation appears to be
positive and good. It is to note that the employment rate is volatile on a monthly basis, for
various industries which includes the educational sector as well as the government sector see
a sluggish growth rate of the aged workers. It is a fact that the employment rate decreases as
soon as it is classified as per different age groups as well as employment status; however, the
labor market has always been welcoming to the people aged 55 and above, as put forwarded
by Craig Dismurke.

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References
CNBC. (2019). Americans 55 and older are suddenly losing jobs at the fastest pace in 4
years. Retrieved from https://www.cnbc.com/2019/04/05/americans-55-and-over-are-
suddenly-losing-jobs-at-the-fastest-pace-in-4-years.html
U.S. Bureau of Labor Statistics. (2019). Retrieved from https://www.bls.gov/