Finally, we’re getting some jobs growth again. 151,000 in October. From demographic data, we know that 60,000 are consumed by demographic aging into work force minus retirements of baby boomers aging out.
That leaves 90,000 to reduce unemployment.
That’s 6+ years to make up the 6 million lost in this Great Recession—at this rate.
Demography and Unemployment
In the last 10 years, the US population has grown 27M and the working age population has grown 19M. Implying last decade we needed to add 160K new jobs/month to keep up with pop growth
In the next 10 years, the US population will grow 27M but the working age population will grow only 7M. The baby boomers retiring. 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.
Demographics from US Census Bureau