How depressing is it that seniors and teens are going after the same damn jobs?
Retirement-age workers outnumber teenagers in the work force for the first time since 1948 -- when Harry Truman was in the White House. It's another sign of competition for scarce jobs.
The number of people 65 and older in the labor force -- defined as those who are working or looking for work -- has averaged 6.6 million in the first half of this year, compared with more than 5.9 million workers 16 to 19, according to the Labor Department. There are now 1.13 older workers for every teen, compared with 0.5 a decade ago.
Even after a year of economic growth, companies are reluctant to hire as the housing market weakens and manufacturing growth shows signs of slowing. The Labor Department said last week that private U.S. companies added 83,000 positions, fewer than economists had forecast. The average workweek and hourly earnings fell.
"Older workers need to replenish their 401(k) plans, so those who have jobs are clinging to them rather than retiring," said Alicia Munnell, director of the Center for Retirement Research at Boston College. Teenagers lose out because less-educated workers and those with shorter tenure are most vulnerable during a recession, she said.
Older workers are competing for some jobs with teens, a May 2010 report by Labor Department economist Teresa Morisi indicates.
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