Demography and Unemployment
In the last 10 years, the US population has grown 27M and the working age population has grown 19M
In the next 10 years, the US population will grow 27M but the working age population will grow only 7M. The baby boomers retiring.
Implying last decade we needed to add 160K new jobs/month to keep up with pop growth
and this decade we need to add 60K new jobs/month to keep up with pop growth
Now if we can only get the economy moving forward faster we’ll make a dent in unemployment until it starts to show up as labor shortages.
working age – 20 – 64, the date ranges I got from the US Census Bureau