For John, BLUF: Older workers back in the labor pool, younger workers dropping out. Nothing to see here; just move along.
A month ago in "55 And Under? No Job For You" we presented visually and quite simply that of the 3.3 million jobs "created" (updated for October's data), a gasp-inducing 3.8 million has gone to workers aged 55 and over, or the one cohort that according to conventional wisdom is retiring, and actively leaving the workforce. How can America's elderly workers account for more than the total? Simple: workers in the young (16-19) and prime (25-54) cohorts have cumulatively lost a whopping 1.3 million, with just the 25-54 age group losing 842,000 jobs (don't believe us: spot check it right here courtesy of the Fed).Yes, of the 3.3 million jobs created, 3.8 million went to us old folks. That apparent mathematical in-equation is due to young folks dropping out of the labor market. This is a problem.
As for the overall number of people back in the labor force, I think it is because it is a market and the members are already anticipating a Romney victory, hope and change, and are positioning themselves for when the economy actually turns around. This action could, in turn, help turn the economy around. This is from Zero Hedge, via The InstaPundit.
Regards — Cliff