Employment Levels by Age Group 2006-Present
The lead chart shows the temporary impact of covid. It also gives a glimpse of demographic changes.
If we step back further we can better see employment changes over decades.
Employment Levels by Age Group 1948-Present
Employment Levels 1950-1970
Employment Levels 1980-2000
Employment Levels 2010-2020
Age 55+ became had highest portion of the employment level starting in 2015.
But look what is in second place. It’s age group 25-34.
Covid is temporary. Long term secular demographic trends are powerful.
Mish
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We Had the Vaccine the Whole Time
You may be surprised to learn that of the trio of long-awaited coronavirus vaccines, the most promising, Moderna’s mRNA-1273, which reported a 94.5 percent efficacy rate on November 16, had been designed by January 13. This was just two days after the genetic sequence had been made public in an act of scientific and humanitarian generosity that resulted in China’s Yong-Zhen Zhang’s being temporarily forced out of his lab. In Massachusetts, the Moderna vaccine design took all of one weekend. It was completed before China had even acknowledged that the disease could be transmitted from human to human, more than a week before the first confirmed coronavirus case in the United States.
Yep. It was from the previous Ebola crisis.
Design is easy. Production and distribution and clinical trials are the long lead items.
And you won’t get heartworms or whipworms…
Covid is going to be a bump in the road thanks to using technology to solve pandemics. Although 2020 has felt like a long and terrible time, it is going to be in the rear view mirror a year from now.
Especially for people without work, evicted with their families, lost every bit of their property and hope along with their business, not to mention the millions of children who will starve across the globe.
Nothing is forever. If a business or individual cannot handle 1 year of no sales or income then they arent a healthy business to begin with. Keep your powder dry.
This whole fiasco should be a wake up call to everyone that old adages like having 6-12 months cash on hand and 20% down on your house are important. But this isn’t the norm anymore. Nor is financial education. It doesn’t help that you can’t even get 1% on a savings account. When I was growing up you could easily get 4% and local banks were plentiful. I don’t see this economy as sustainable but how long it lasts is anybody’s guess.
Rear view mirror for some privileged people, yes. but a large percentage of lives were SERIOUSLY derailed and I’d wager some percentage were permanently derailed.
“Ninety percent of life is just showing up.” – some 85 year old guy
Well, being dead means not showing up after the coffin show.
It has been said that two things are necessary for growth of an economy. Increase in population and increase in productivity. The COVID era does not auger well for population growth which was already affected by lower birth rates. And as automation increases how can there be anything but a negative impact on jobs and wages? I can’t see why the securities speculators are optimistic.
But I could be wrong.
And why is growth necessary? Let’s start there…
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