Chicago — While many have claimed that labor shortages last year were driven by young people who didn't want to work, retiring boomers were the biggest force behind the trend, according to CNN.
As of the third quarter of 2021, 50.3% of U.S. adults 55 and older said they were out of the labor force due to retirement, according to Pew Research Center.
There are a variety of causes behind this. One factor is the robust stock market and rising property values, which have offered higher-income consumers, particularly Baby Boomers, more alternatives.
Other issues include the COVID-19 pandemic, which has made it hazardous for older individuals to return to work, and companies not doing enough to entice people out of retirement.
Despite these factors, it’s been reported by the Congressional Research Service that there are signs that the labor deficit is easing as retired individuals return to work. Early in the pandemic, the "unretirement" rate dropped to over 2%, but has since risen to around 2.6 percent, which is still lower than the pre-pandemic figure of over 3%.