3.3 million jobs created.
3.8 million new jobs given to those aged over 55.
How can this be?
In that time period, 16-19 year olds and 25-34 year olds have a net loss of 1.3 million jobs between them in that time span.
In other words, America's edlerly are not only not in a rush to retire, they are reentering the workforce (thanks to the Chairman's genocidal savings policy which has just rendered the value of all future deposits worthless thanks to ZIRP), and in doing so preventing younger workers, in their prime years, from generating incremental jobs.
And nowhere is this more visible than in today's jobs report. On the surface, the US generated a whopping 413,000 jobs(after generating a massive 873,000 last month) according to the Household Survey in October. That's great, unfortunately breaking down this cumulative addition by age cohort confirms precisely what we have said: all the jobs are going to old workers, who have zero wage bargaining leverage (as they just want to have a day to day paycheck). To wit: when broken down by age group, the total October increase shows that of the new jobs, 10.7% went to those aged 16-19 (source), 11.6% went to those aged 20-24 (source), a tiny 9.8% went to the prime agr group: 25-54 (source), and a massive 67.8% went to America's baby boomers: those aged 55 and over (source), and who refuse to leave the workforce and make way for others.