Summertime and job hunting has been easy for men and women age 65 and beyond, but not so kind for workers age 30 and younger, The New York Times reports.
During the summer months this year, an average of 35.9 percent of men ages 65 to 69 had jobs. Similarly, 25.6 percent of women in the same age group were working. Both figures were records for any summer since such numbers became available in 1981. The rate of employment for women 70 to 74 is also higher than in any previous summer.
All other age groups over 60 came close to setting records. The share of men 60 to 64 with jobs was 57.2 percent, and the share of women in the same age group was 47.1 percent. Both were less than a half percentage point short of the previous summer high.
On the other end of the scale, the proportion of people under 30 with jobs, while up from recession lows, remains far below what it was before the Great Recession.
All of those numbers can be deceptive, reflecting a workforce that is shrinking, MarketWatch reported.
The labor force participation rate -- the percentage of people over 16 who either have a job or are actively searching for one -- fell to 63.2 percent in August. The last time it was that low was in August 1978.
Economist say there are several reasons for the decline, including the retirement of the Baby Boomers and fewer students who also work. But the main reason for its recent fall is a lack of good jobs.