Over 2 million Americans who retired during COVID haven't come back to work as expected

Published

11 months ago

November 9, 2023

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More than 2 million Americans who retired during the coronavirus pandemic and were expected to return to the labor force have declined to do so, leaving companies scrambling to lure back “excess retirees,” according to economic analysts.

A study by the Federal Reserve Bank of St. Louis found that there were 1.98 million excess retirees as of September, according to Bloomberg News.

Late last year, there were 2.8 million excess retirees.

The number has recently bounced higher after dipping to 1.7 million in June, according to government data.

In the pre-pandemic period, the labor force participation rate of those over the age of 65 reached nearly 21%.

By the summer of 2021, however, as the nation was in the thick of COVID-induced lockdowns, the participation rate dipped to just over 18%.

As of late October, the number still hadn’t fully recovered, with just 19.3% of those in the labor force over the age of 65.

In the first 18 months of the pandemic, there were around 2.4 million additional Americans who retired unexpectedly — a majority of the 4.2 million who left the work force between March 2020 and July 2021, according to the St. Louis Fed.

Since then, around 1.5 million retirees re-entered the workforce.

A survey by personal investment firm T. Rowe Price found that the need for mental stimulation as well as financial reasons motivated the “unretirement” trend .

The exodus of retirement-age Americans has created a shortage in the labor market — prompting companies to scramble to fill their payrolls.

Firms are offering retirees incentives such as part-time or remote work in hopes of filling key roles.

Blue-chip companies like H&R Block, Microsoft, and Bank of America are among more than 2,500 businesses who signed an AARP pledge to facilitate an age-inclusive workforce.

Michigan, which is suffering through a severe teacher shortage, recently tweaked a law that aims to make it easier for teachers to come out of retirement and head back to the classrooms without risking their pensions.

Employers posted 9.6 million job openings in September, up from 9.5 million in August and a sign that the US job market remains strong even as the Federal Reserve attempts to cool the economy.

The September openings are down from a record 12 million in March 2022 but remain high by historical standards.

Before 2021 — when the American economy began to surge from the COVID-19 pandemic — monthly job openings had never topped 8 million.

Unemployment was 3.8% in September, just a couple of ticks above a half century low.

US

Second boat boarded by FBI after Baltimore bridge collapse

Published

3 hours ago

September 21, 2024

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Second boat boarded by FBI after Baltimore bridge collapse

FBI agents have boarded a boat managed by the same company whose cargo ship crashed into a Baltimore bridge and caused it to collapse.

The two companies in charge of the ship “recklessly cut corners” and ignored electrical problems on the vessel before the crash in March, alleged the US Justice Department on Wednesday.

Three days later, FBI agents boarded the Maersk Saltoro, a second ship managed by the same company, although authorities did not offer further details on the operation.

Six construction workers were killed when the Dali ship had a power outage and crashed into a support column on the Francis Scott Key Bridge.

The Justice Department alleged that mechanical and electrical systems on the massive ship had been improvised and improperly maintained which led to the power outage.

Authorities are seeking to recover more than $100 million the government spent to clear the underwater debris and reopen the city’s port, which was only fully reopened in June.

It could become the most expensive marine casualty case in history and the two Singapore-based companies, Synergy Marine Group and Grace Ocean, are trying to limit their legal liability.

The Justice Department said it will vigorously contest that limitation, arguing that vessel owners and operators need to be “deterred from engaging in such reckless and exceedingly harmful behaviour”.

Darrell Wilson, a Grace Ocean spokesperson, confirmed that the FBI and Coast Guard boarded the Maersk Saltoro in the Port of Baltimore on Saturday morning.

Mr Wilson has previously said the owner and manager “look forward to our day in court to set the record straight” about the Justice Department’s lawsuit.

The Dali, which was stuck amid the wreckage of the collapse for months before it could be extricated, departed Virginia on Thursday afternoon en route to China on its first international voyage since the March 26 disaster.

Environment

2024 Cadillac LYRIQ buyers could score $10,500 in discounts

Published

4 hours ago

September 21, 2024

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2024 Cadillac LYRIQ buyers could score ,500 in discounts

Cadillac Lyriq first drive: A year early and dollar long at $60K

The all-electric Cadillac LYRIQ was an Electrek favorite when it first made its debut two years ago. Now, LYRIQ buyers who have been waiting for a deal can score more than $10,500 in discounts on the Ultium-based Caddy.

Our own Seth Weintraub said that GM had come in, “a year early and dollar long at $60K” when he first drove the Ultium-based Cadillac LYRIQ back in 2022. He called the SUV “a stunner,” too, heaping praise on the LYRIQ’s styling inside and out before adding that the EV’s ride quality really impressed on long journeys.

Well, if the first mainstream electric Cadillac was a winner at its original, $57,195 starting price (rounded up to $60K for easy math), what could we call it at $10,500 less?

That’s a question that’s suddenly worth asking, thanks to huge GM discounts on the LYRIQ that prompted the automotive pricing analysts at CarsDirect to name the 2024 LYRIQ one of the industry’s “Best New Car Deals” this month:

A slew of incentives can enable you to save big on a 2024 Cadillac LYRIQ. First, EVs eligible for the federal tax credit qualify for $7,500 in Ultium Promise Bonus Cash from GM. Additionally, competing EV owners can score $3,000 in conquest cash.

Meghan Carbary | CarsDirect

With more than 100 kWh of battery capacity and 300-plus miles of real-world driving range (plus available 190 kW charging capability) the Cadillac LYRIQ ticks all the boxes – but you don’t have to take just my word for that.

You can check out Electrek‘s original First Drive video, below, and click here to find Cadillac LYRIQ deals near you.

First Drive: Cadillac LYRIQ | Luxury E-CUV

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SOURCE | IMAGES: CarsDirect.

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Sports

Michigan star TE Loveland ruled out vs. Trojans

Published

5 hours ago

September 21, 2024

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Michigan star TE Loveland ruled out vs. Trojans

Jake Trotter, ESPN Senior WriterSep 21, 2024, 02:01 PM ET
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ANN ARBOR, Mich. — Michigan star tight end Colston Loveland has been ruled out of Saturday’s game against No. 11 USC with an undisclosed injury.

Loveland suffered an apparent shoulder injury in last weekend’s win over Arkansas State. Michigan coach Sherrone Moore hasn’t specified the nature of the injury.

A preseason All-American, Loveland leads the Wolverines with 19 catches for 187 yards; no other Michigan pass catcher has more than nine receptions.

The No. 18 Wolverines also changed starting quarterbacks this week, moving from Davis Warren to Alex Orji. Warren had thrown six interceptions in three games, including three last weekend. He threw two picks in a 31-12 loss to Texas on Sept. 7.

Orji has only seven career passing attempts but has rushed for 58 yards in a relief role this season.

Moore said this week that he wants to see Orji “take the reins” of the Michigan offense with his opportunity.

“Excited for him,” Moore said. “I know he’s chomping at the bit.”