The Labor Force Refuses to Grow – Age Discrimination?


Ageism?

Ageism is a real problem. And it could also be responsible for the low labor force getting stuck at this level. Boomers are now between around 56 and 76. This is a huge generation. And in tech, when the hiring manager is 32, and you’re 56, it’s tough getting that job. And when you’re 62, it’s even tougher just to get anyone’s attention. Some succeed. But many don’t.

Many of these people, often with a superb job history, may never get a job in their field again. Many of them made enough money to where they don’t have to work. They’d like to work, but it’s tough getting ignored or rejected time after time because of age.

And they give up “actively” looking for a job, and thereby they’re removed from the labor force. They were dropped from the labor force due to ageism, not because they wanted to retire. And they might tell everyone, after they give up looking, that they’re “retired,” when in fact, they’d love to work in their field but are locked out.

I Want to Add a Word about Ageism in this Bizarre Labor Market and How it Hits Labor Force & Unemployment Numbers — https://wolfstreet.com/2022/07/08/i-want-to-add-a-word-about-ageism-in-this-bizarre-labor-market-and-how-it-hits-labor-force-unemployment-numbers/

The entire post from Mr. Wolf is worth reading. Obviously there is no data to support ageism as one of the causes for the lack of labor force growth. But it certainly is an interesting hunch.

At last count there were 240 comments on this article.

Okay, Houston, we’ve had a problem here. https://www.nasa.gov/feature/50-years-ago-houston-we-ve-had-a-problem

We Don’t Need No Education (with apologies to Pink Floyd)

Enrollment declines continued to worsen this spring. Total post-secondary enrollment fell to 16.2 million this spring, marking a one-year decline of 4.1 percent or 685,000 students. Enrollment declined this spring at both undergraduate and graduate levels. Following a 3.5 percent drop last spring, post-secondary institutions have lost nearly 1.3 million students since spring 2020. Undergraduate enrollment accounted for most of the decline, dropping 4.7 percent this spring or over 662,000 students from spring 2021. As a result, the undergraduate student body is now 9.4 percent or nearly 1.4 million students smaller than before the pandemic.

National Student Clearinghouse Research Center — https://nscresearchcenter.org/current-term-enrollment-estimates/

I wonder why so many kids are not going to college.

Make $250K and Live Paycheck to Paycheck?

Some 36% of households taking in nearly four times the median US salary devote nearly all of their income to household expenses, according to a survey by industry publication Pymnts.com and LendingClub Corp.

One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds — https://www.bloomberg.com/news/articles/2022-06-01/a-third-of-americans-making-250-000-say-costs-eat-entire-salary

A billion dollars isn’t what it used to be. Nelson Bunker Hunt

https://www.brainyquote.com/quotes/nelson_bunker_hunt_176038

Cheap Houses and Awe Inspiring Tornadoes

You can afford to buy a house in Oklahoma!

Salt Lake City, often popular with younger homebuyers, has the largest share of mortgages offered to Gen Zers. With 16.60% of mortgage offers in the metro going to Gen Zers, Salt Lake City retains its No. 1 spot from last year’s rankings.

After Salt Lake City, relatively inexpensive Louisville, Ky., and Oklahoma City are the next most popular metros among Gen Z buyers. Respectively, 15.86% and 15.34% of mortgage offers in these two metros go to Gen Zers. Oklahoma City fell one spot from last year, while Louisville rose from seventh.

Most Popular Metros for Gen Z Homebuyers – https://www.lendingtree.com/home/mortgage/the-most-popular-us-cities-for-gen-z-homebuyers-ranked

I Quit!

In January, a record-breaking 4.3 million employees quit their jobs — the eighth consecutive month with over 4 million workers leaving their roles.

Key Points –

Nearly three-quarters (74%) of US employees are either actively looking or are open to new opportunities in the next 6-12 months.

Beyond compensation and growth, younger workers are looking for something more personal: A place where they belong. Compared to boomers, Gen Z and millennials were twice as likely to state “lack of belonging” as a reason to pursue other opportunities.

In the US, 52% of employees with tenures of 3 months or less are looking to leave.

Lattice Research Reveals Great Resignation Trends — https://lattice.com/library/lattice-research-reveals-great-resignation-trends

Whoa.

Scary Charts (the scariest chart of 2021)

https://wolfstreet.com/2021/12/23/oops-americans-big-pay-increases-got-run-over-by-even-bigger-price-increases/

This week I made a donation to the Regional Food Bank of Oklahoma https://www.regionalfoodbank.org/. If you live in Oklahoma please consider a year end gift. There is a $500,000 dollar for dollar match until year end. If you live elsewhere there will be a similar charity you can give to.

End of post.

Cryptocurrencies 101

Cryptocurrencies are a social movement based on the belief that markings in a ledger on the internet have intrinsic value. The organizers of these ledgers call these markings Bitcoin, or Dogecoin, or offer other names based on the specific ledger. That’s really all a cryptocurrency is. There’s no magic. It’s not money, though it has money-like properties. It’s not anything except a set of markings. Sure, the technology behind the ledgers and how to create more of these markings is kind of neat. But crypto is a movement based on energetic storytellers who spin fables about the utopian future to come. In a lot of ways, cryptocurrencies are like Florida land that no one ever intends to use. It has value in the moment it is traded, but only because there’s a collective belief that it has some intrinsic worth.

Matt Stoller BIG newsletter 12.07.21 — https://mattstoller.substack.com/

TBH I never really understood crypto until I read Stoller’s descriptive paragraph.

Now I understand this is something I will never “invest” my money in. Not that I ever intended to do that before today.

New House Construction Supply Chain Mess

The inventory of new single-family houses that home builders put on the market for sale rose to 389,000 in October, the highest since September 2008, according to data from the Census Bureau.

Houses for Sale, Highest since 2008, as Construction Costs Spike Most in 42 Years, Projects Stall — https://wolfstreet.com/2021/11/27/whats-behind-the-huge-pile-up-of-new-houses-for-sale-highest-since-2008-as-construction-costs-spike-most-in-42-years-and-projects-stall
Does anyone else see a problem here?