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 President Donald Trump said he was “saddened” by the news, adding: “We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery.”
Former US president Barack Obama said: “Michelle and I are thinking of the entire Biden family.
“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery.”
Image: Barack Obama (right) with Joe Biden at a campaign event in 2022. File pic: Reuters
British Prime Minister Sir Keir Starmer said he was “very sorry to hear President Biden has prostate cancer”.
“All the very best to Joe, his wife Jill and their family, and wishing the President swift and successful treatment,” he added.
After a poor debate performance against Mr Trump and amid escalating concerns for his health, Mr Biden withdrew from the 2024 election and endorsed his vice president Kamala Harris.
Ms Harris wrote on X: “We are keeping him, Dr. Biden, and their entire family in our hearts and prayers during this time.
“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership. We are hopeful for a full and speedy recovery.”
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Mr Biden’s diagnosis: What we know
Former US president Bill Clinton wrote on social media: “My friend Joe Biden’s always been a fighter. Hillary and I are rooting for him and are keeping him, Jill, and the entire family in our thoughts.”
Hillary Clinton, who unsuccessfully ran for president in 2016, said she was “thinking of the Bidens as they take on cancer, a disease they’ve done so much to try to spare other families from”.
Speaker of the US House Of Representatives Mike Johnson said it was “sad news” and his family “will be joining the countless others who are praying” for Mr Biden.
Former House speaker Nancy Pelosi described Mr Biden as a “great American patriot” and said she was “praying for him to have strength and a swift recovery”.
Mr Trump’s secretary of state, Marco Rubio, wrote on social media he and his wife were “united in prayer for the Biden Family during this difficult time”.
Following President Trump’s Middle East trip – which the White House is touting as an unbridled success – Sky News’ Martha Kelner sits down with Barbara Leaf, who was US ambassador to the United Arab Emirates during Trump’s first term and assistant secretary of state for Near Eastern affairs in the Biden administration.
She was also in the team that formed the first formal US presence in Syria after more than a decade.
In 1990s and early 2000s New York, Sean “Diddy” Combs was the person to be seen with.
Now on trial in Manhattan, his hair grey, his beard grown, it’s hard to imagine that he was “the Pied Piper… of the most elite level of partying of that time” – but that’s how Amy DuBois Barnett describes him.
She was the first Black-American woman to run a major mainstream magazine in the US, and based in Manhattan at a time when hip hop was at its zenith.
“Urban culture really ran the city,” she says. “That’s where so much of the money was… you had all the finance bros trying to get into Puffy (Combs) parties, all the fashion executives trying to get into Puffy parties.”
And while he was welcomed by the highest echelons of the arts and entertainment world, she says: “He was never known for being a calm kind of individual.”
Image: Sean ‘Diddy’ Combs in New York in July 2004. Pic: AP
Combs was “very dismissive” with her, and she admits: “Puff never particularly liked me that much.”
But DuBois Barnett would often get invited to his parties because she was able to feature his up-and-coming artists in her magazines.
From editor-in-chief of Ebony magazine, she’d go on to become the editor-in-chief of Honey and Teen People magazines, and then deputy editor of Harper’s Bazaar.
She says the man she met at those parties “lacked warmth” and seemed “complicated”.
“When he walked in the room, all of the energy changed. Puffy had his trusted individuals around him… immediately the area around him would become kind of crowded with everybody vying for his attention,” she says.
“I think that was also partially why he didn’t particularly like me because I wasn’t really vying for his attention.
“He really reserved that attention for the people that he was either attracted to… or the people that he thought were important enough to his business success.”
Image: Amy DuBois Barnett (right) with publisher Desiree Rogers at an event for Ebony magazine
She says it was common knowledge that he wasn’t someone to cross due to “rumours… of what he could do”.
“There were a lot of people within journalism, within media, within other industries that were afraid of his influence and also afraid of his temper,” she adds.
“When things at parties would not go his way or somebody didn’t bring him something quickly enough, or… the conversation wasn’t going his way… he would just kind of snap and he was just not afraid to yell at whoever was there.
“There was not a lot of boundaries in his communication, let’s just put it that way.”
Image: Combs on the red carpet at the height of his success
But she says it was a time when a tremendous amount of misogyny was running throughout music, things that in today’s culture would certainly give pause for thought.
“So many things happened to me, everything from getting groped at parties to getting locked in a limousine with music executives and having him refuse to let me out until I did whatever he thought I was going to do, which I didn’t.”
She insists: “We didn’t have the vocabulary to understand the degree to which it was problematic… it was a thread that ran throughout the culture.”
Image: Getting off a private jet during his heyday
Star-studded parties were the ultimate invite
At the time, a ticket to one of Combs’s star-studded “white parties” was the ultimate invite.
She admits: “It was like nothing you’ve ever seen before… the dress code was very strict.
“No beige, no ecru, absolutely white, you would literally be turned away if your outfit was wrong. Puffy did not sort of tolerate people in his parties that didn’t look ‘grown and sexy’ as it were.”
She says people would mingle by the poolside listening to the best DJs in the world, while topless models posed dressed as mermaids and waiters handed out weed brownies from silver platters.
“It was every boldface name you could possibly imagine, just this gorgeous crowd.”
Image: At an event with model Naomi Campbell
Behind the glamour, prosecutors now allege there was a man capable of sexual abuse and violence, and a serious abuse of power. Criminal charges which he’s already pleaded not guilty to and strenuously denies.
Without question, Combs had the golden touch. Expanding his music career into business enterprises that in 2022 reportedly took his net worth to around £1bn. For decades his success story was celebrated.
“I think that in the black community, there is a feeling that if a black man is successful you don’t want to bring him down because there are not that many… these are cultural forces that are rooted in the systemic racism that’s present in the United States… but I think that these were part of what potentially protected Puffy against people speaking out.”
Couple became ‘isolated and very unhappy’
While Combs had amassed a small fortune over the course of two decades which she encountered him, the former magazine editor says his behaviour had markedly changed from the first party she went to, to her last.
“The last was a post-Grammys party, in 2017 or 2018, and just the vibe was very different. He was really kind of isolated in a corner with Cassie, you know, looking very unhappy.”
Image: Diddy and Cassie together on the red carpet
For around 10 years, Combs had a relationship with the singer Cassie Ventura which ended in 2018.
Once over she filed a lawsuit that both parties eventually settled alleging she was trafficked, raped, drugged and beaten by the rapper on many occasions – which he denied. Last week she made similar claims in court.
Image: A court sketch of Cassie giving evidence against Combs in court this week. Pic: Reuters
Image: A court sketch of Combs listening to evidence from his former partner Cassie. Pic: Reuters
“Cassie looked very glassy-eyed and there was a sadness about her energy. Whatever was happening between the two of them, I mean, it didn’t feel positive,” says DuBois Barnett.
“They were sort of holed up in the corner for almost the entire night… it did feel very different from the kind of jubilant of energy that he projected in his earlier incarnations.”
For Combs, his freedom depends on how these next few weeks go. His representatives claim he is the victim of “a reckless media circus”, saying he categorically denies he sexually abused anyone and wants to prove his innocence.
In particular, they say, he looks forward to establishing the “truth… based on evidence, not speculation”.