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U.S employment shows 8.5 percent growth over 20 years

From December 2000 to December 2020, total U.S. employment grew by 11,767,000, or 8.5 percent, according to a report from the Federal Reserve. The growth is attributed primarily to increased employment of people over 60, which grew faster compared to younger populations.

Total U.S. employment grew by 11,767,000, or 8.5%, in the 20 years ending in December 2020, according to a report from the Federal Reserve Bank of St. Louis.

All of that growth—11,879,000, or 101% of the total—was due to increased employment of people age 60 and older.

Meanwhile, the net employment change over the past two decades of people ages 16-59 was -112,000 (-1% of the total change), despite this younger group being 3.8 times as large as the older group in December 2000 and still 2.4 times as large in December 2020.

This age-skewed labor-market outcome was the result of two differences between the groups.

First, the older population (60 and older) grew much faster than the younger population (ages 16 to 59). Second, the employment-to-population (E-P) ratio among those 60 and older increased significantly while the E-P ratio among those 16 to 59 years of age declined.

According to the report, the basic trend of rising employment among older workers is likely to continue for some time.