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Labor Force Dynamics in the Great Recession and its Aftermath: Implications for Older Workers

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  • Gary Burtless

Abstract

Unlike prime-age Americans, who have experienced declines in employment and labor force participation since the onset of the Great Recession, Americans past 60 have seen their employment and labor force participation rates increase. In order to understand the contrasting labor force developments among the old, on the one hand, and the prime-aged, on the other, this paper develops and analyzes a new data file containing information on monthly labor force changes of adults interviewed in the Current Population Survey (CPS). The paper documents notable differences among age groups with respect to the changes in labor force transition rates that have occurred over the past two decades. What is crucial for understanding the surprising strength of old-age labor force participation and employment are changes in labor force transition probabilities within and across age groups.

Suggested Citation

  • Gary Burtless, 2016. "Labor Force Dynamics in the Great Recession and its Aftermath: Implications for Older Workers," Working Papers, Center for Retirement Research at Boston College wp2016-1, Center for Retirement Research.
    • Handle: RePEc:crr:crrwps:wp2016-1
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    File URL: http://crr.bc.edu/working-papers/labor-force-dynamics-in-the-great-recession-and-its-aftermath-implications-for-older-workers/
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    Cited by:

    1. Richard B. Freeman, 2022. "Planning for the “Expected Unexpected”: Work and Retirement in the U.S. After the COVID-19 Pandemic Shock," NBER Working Papers 29653, National Bureau of Economic Research, Inc.

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