This is a big deal, because Americans in their prime play a huge role in how fast the economy grows.
The percentage of people from the ages of 25 to 54 who were working in August climbed to 80% from 79.5% in July, touching the highest level since the start of 2008, the government said Friday.That’s a big deal. Prime-age workers are big home buyers and consumers compared to younger Americans just starting out, those nearing retirement or people who’ve already retired. They play a huge role in how fast the economy grows.
The percentage of these people holding a job had fallen to a 26-year low of 74.8% after the 2007-2009 Great Recession. Soft growth in the early years of economic recovery was partly a result of slow rebound in the share of prime-age workers, as reflected by a surge at the time in the number of young adults still living with their parents.
“The growth is exciting because it shows that, rather than declining, participation [in the labor market] may still have room to grow,” said Julia Pollack, labor economist at ZipRecruiter, an online job marketplace. Yet matching the record would likely require the economy to grow for several more years and avoid recession. The share of primetime workers peaked at 81.9% in early 2000 at the height of the internet boom.We Want to Hear from You Join the conversation
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