Retirements, layoffs, labor force flight may leave scars on U.S economy

REUTERS: Judith Ramirez received a letter this month that she'd been dreading: The Honolulu hotel that furloughed her from a housekeeping job in March, during the lockdown triggered by the coronavirus pandemic, made her layoff permanent.

Economic growth depends on how many people work. If more retire, or are kept from the job market because of childcare or health and safety issues, growth is slower. People 65 and older made up less than 7per cent of the workforce in February, but 17per cent of those who have left the labor market through August. Women previously accounted for 47per cent of the workforce, but make up 54per cent of the departed.

The percentage of women and men who moved from employed to out of the labor force jumped as the pandemic layoffs hit in April. The number of women, however, who cited child care or family responsibilities as the reason, increased 178per cent, while the number of men citing it less than doubled, Bunker's analysis showed.

The Center for Retirement Research at Boston College found CPS data shows a rising share of workers 65 and older are calling it quits, a development many economists expected given the risk COVID-19 poses to older people.

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