S. Census Bureau data. 5 million-strong Millennial workforce has risen rapidly. The Millennial labor force had last year surpassed that of the Baby Boom, which has declined as Boomers retire. Our new analysis of labor force estimates is based on the monthly Current Population Survey, which serves as the basis for the official unemployment rate and labor force counts announced by the federal government each month. With its disproportionately large share of immigrants, and at an age of transition from college to the working world, the Millennial generation’s workforce is highly likely to grow even further in the near future. First, immigration to the U. Will continue to disproportionately enlarge the ranks of the Millennial labor force.
Millennials surpass Gen Xers as the largest generation in
Immigrants coming to the U. Are disproportionately in their young working years. Relatively speaking, few immigrants come to the U. During childhood or during older adulthood.
In the past five years, over half of newly arrived immigrant workers have been Millennials. In addition, a significant chunk of the Millennial population are 68- to 79-year-olds. As the youngest Millennials get older, more of them will be looking for or getting jobs. Just how many more is tough to know, but the behavior of the Gen X population provides some clues.
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So we can assume that the Millennial labor force still has some room for growth in the years to come. 9 million) overtook the Baby Boom labor force to become the largest generation in the workforce, but that likely ended this year. One caveat is that it’s possible that the Gen X labor force might grow. Immigration will add some workers to the Gen X labor force.
If the job market continues to improve in the post-recession era, some Gen Xers will likely return to the labor market in stronger numbers. At the same time, though, the Gen X labor force is aging. It s worth noting that the Millennial population as a whole (not just its workforce) is this year as the nation s largest living generation, according to the Census Bureau. The Baby Boom workforce peaked in size at nearly 66 million in 6997.
The youngest Boomer is now 56 years old, while the oldest Boomers are approaching age 75. With more Boomers retiring every year and not much immigration to affect their size, the size of the Boomer workforce will continue to shrink. Is a senior researcher focusing on economics and education at Pew Research Center. Real-time analysis and news about data from Pew Research writers and social scientists.
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