62 Is the New 66?
As manufacturers continue to face a persistent skills gap, spurring industry-wide solutions like the NAM and MI’s Creators Wanted campaign, new data from the Federal Reserve reinforces the critical need to inspire the next generation of creators.
New data: As Bloomberg (subscription) reports, according to the New York Federal Reserve’s July labor-market survey, the share of respondents expecting to work past the age of 62 dropped to 50.1% from 51.8% a year earlier—the lowest number on record in the survey’s seven-year history. Only 32.4% of respondents said they’re likely to be employed beyond age 67, down from 34.1%.
The background: The new survey numbers come amid a wave of early retirements triggered by the pandemic. Since March 2020, more than 1 million older workers have left the labor force, a worrisome trend since older workers have accounted for “virtually all net job growth since 2000,” according to the report.
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