from zero hedge by Tyler Durden
Nearly
two years ago, and progressing to
this day, we first observed (and subsequently even the
mainstream media
caught on) that America's labor force is slowly but surely converting
itself from a full-time to part-time worker society. The reasons for
this are obvious: to corporations, the benefits associated with
employing part-time workers are countless: avoiding substantial
benefits-related costs, evading long-term job contracts, hourly basis
wages, and many others. In fact, as long as there is slack in the
economy, and there will be for a long, long time as the shift in labor
demand is now secular, regardless of what the Fed wants to admit,
employers will have ever more leverage, while workers have less and less
(and are forced to agree to any employment terms, as long as they get
some paycheck at all). This much has been known. What has gotten far
less prominence is that of the much trumpted 4+ million jobs added since
the trough in late 2009, virtually all the job additions have gone to
(part-time) workers 55 years and over. Indeed, as the chart below shows,
starting since the official NBER end of the recession in June 2009, the
US has cumulatively added 2.9 million jobs. However, when broken down
by age cohort, 3.5 million of these jobs have gone to US workers aged
between 55 and 69. Another 729K have gone to recent college grads aged
20-24.
What about those workers in their prime years: between 25
and 54 years of age? They have lost a total of 729,000 jobs since June
30, 2009!
http://www.zerohedge.com/news/2012-10-24/chart-day-55-and-under-no-job-you
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