Business Insider has an insight that has been overlooked in Labor Shortage: 2.5 Million People Retired During The Pandemic.
Reports of labor shortages may not end anytime soon because a hefty number of retirement age workers have left the labor force — and a whole lot of them may not be coming back.
A Friday note from Goldman Sachs researchers led by Jan Hatzius finds that 3.4 million of the people who left the labor force — meaning they’re not working or aren’t actively looking for work — are over 55. Roughly 1.5 million of them were early retirements, and 1 million were normal retirements. Those two groups of retirements “likely won’t reverse,” meaning that, out of the five million workers Goldman estimates are still missing from the labor force, about half may not ever return.
(free graphic via clipart.library.com)
