Aging Americans causing labor force gap
(CNN / KYMA, KECY) – Americans are getting older and that may be a big reason behind the labor shortage in the U.S.
That's according to a new study from the Federal Reserve Bank of New York.
It says the current labor force participation rate stands at 62.5% which is below pre-covid-19 levels.
Researchers analyzed a monthly survey conducted by the bureau of labor statistics and found nearly all of the gap could be explained by the U.S. population aging.
They say Americans getting older has caused a rise in the number of retirements.
According to the study, the share of retired workers in the U.S. has gone up and individuals aged 60 and older account for more than 90% of all retirees in the U.S.
The study also showed other contributing factors influencing the labor participation gap such as disability, but researchers said that only played a minor role.
