• 72% of job recovery is in over-55s
• “Silver recovery” doesn’t augur well for a healthy economy
Paul Marson, Chief Investment Officer at MONOGRAM Investment, comments on yesterday's US jobs figures:
“On the surface, US employment numbers look strong today. But dig below the surface and it’s obvious this is a job recovery only for the over 55s.
“There has been a total growth of 6% in US employment (or 8.2m new jobs) since the end of the recession in 2009, while jobs for over 55s have grown 22%. This means 72% of new jobs are in the 55+ age group.
“Strip out the over 55s job growth, and employment is up just 2.1% – or 2.3m new jobs. A job recovery for those looking to wind down as they approach retirement is hardly the sign of a robust and healthy economy.”
US employment growth since the end of the recession by age group