The Labor Department reported that nonfarm payrolls increased by only 38,000 positions in May, much less than the 160,000 positions consensus projection. Over the past 3 months, monthly job increases have averaged 116,000, down sharply from the average gain of 240,000 over the past two years. The weakness in May’s payrolls was broad-based. Employment fell in information services, temporary services,…
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By Beth Burnham Mace, Chief Economist, NIC
The long-anticipated increase of the age 65+ population has started, thanks to the aging baby boomer generation, lower birth rates, and improved longevity—and it’s only expected to continue. By 2030, 21% of the population, an estimated 74 million people, will be past retirement age.
This growing demographic will have serious and long-lasting implications…
Topics:
Aging,
Baby Boomers,
Demographics,
Entitlement Programs,
Events,
Labor,
Medicare,
Research,
Seniors Housing,
Social Security,
U.S. EconomyThe Labor Department reported that nonfarm employment increased by 160,000 positions in April, less than the 200,000 positions consensus projection. Over the past 12 months, monthly job increases have averaged 232,000. Employment increased in in professional and business services, health care, and financial activities. Job losses continued in mining. The change in total nonfarm payroll employment for February was revised…
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For the second consecutive quarter, new development activity for seniors housing showed a marked slowdown. Indeed, seniors housing construction starts totaled 2,737 units in the first-quarter of 2016, comprised of 802 independent living units and 1,935 assisted living units. On a four-quarter basis, a slowdown also was evident, as starts totaled 19,243 units, the weakest pace in a year. The…
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Source: Zywiak, W. (2010, June). U.S. healthcare workforce shortages: Caregivers. [full article]
With the quit ratio of health care workers rising to its highest level since 2008 and with a national unemployment rate of 5.0% as of March 2016, operators of seniors housing and care properties are increasingly finding it challenging to recruit, hire and retain good employees. Additionally, competition…
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