Labor Force Projections to 2020

The Bureau of Labor Statistics has released new labor force and employment projections, a task it undertakes every two years. Not surprisingly, BLS analysts see rising labor force participation rates among older Americans as boomers work well past the age at which their fathers retired. The labor force participation rate of men in their mid-to-late 60s is headed for a particularly sharp increase:

Percent of men aged 62 to 64 in the labor force
2020: 63.4%
2010: 54.6
2000: 47.0

Percent of men aged 65 to 69 in the labor force
2020: 41.4%
2010: 36.5
2000: 30.3

Women in their 60s also will be more likely to work. The labor force participation rate of women aged 62 to 64 is projected to rise from 45.3 to 54.1 percent between 2010 and 2020. The rate among women aged 65 to 69 should rise from 27.0 to 34.5 percent.

Despite rising labor force participation rates among aging boomers, the BLS projects that the great majority (62 percent) of job openings in the next decade will come from replacement needs as workers retire rather than economic growth.

Source: Bureau of Labor Statistics, Monthly Labor Review, January 2012, Employment Outlook 2010-2020