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What Social Trends Told Us About the American Economy in 2021

What Social Trends Told Us About the American Economy in 2021
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This might also be the year that “OK, Boomer” dropped the word for “Are you okay, Boomer?”

A recent survey of business contacts by the Federal Reserve found that many “observed that baby boomers are leaving their jobs and selling businesses to retire early — a trend that was well deserved (1957 was the peak year for baby boomers; those kids turn 65 the next year) but it has accelerated due to epidemic exhaustion.”

This is shown in the data. People over the age of 45 have been slower to return to the job market since the start of the pandemic. This group includes members of Generation X, whose ages range from 41 to 56 years, and members of the Baby Boomer generation, whose ages range approximately 57 to 75 years. It’s not clear whether the apparent rush toward early retirement will continue: Once people have recovered from the pandemic fear behind us, people may return, or if stocks return to less buoyant valuations, reducing the value of retirement portfolios.

What happens next with the middle-aged and older workforce will be pivotal to the future of the labor market. If older workers stay out of the home, America’s labor force participation rate – and the pool of workers available to employers – may remain low compared to levels that prevailed before the pandemic. This will be bad news for employers, who are increasingly desperate for employment.

Don’t shed all your tears for baby boomers, because millennials also had a hard time in 2021. They split the year between reminding the internet that they’re graying, keeping Botox stores in business, and panicking like Generation Z, their successors, accusing them of being old. The generation that made a bad decision to recycle the low-rise trend also has the audacity to claim that side parts make people look old and skinny jeans are on the outside.

Whether seniors are ready for it or not, the fact is that Generation Z, the group born from 1997 to 2012, is beginning to enter adulthood and the job market in full force during the pandemic. It’s a relatively young generation, but its members can shake things up. They are fully digital natives and have different attitudes towards working life and their expectations from their older counterparts.

If office workers have already met their new colleagues, things can get interesting.

Talking about the officeAnd This year he put the initials “RTO” firmly into the professional lexicon. Planning to return to the office was upended over and over by successive waves of infection, but that didn’t stop the cries of anger. Many professionals are beginning to question the usefulness of high-heeled shoes and leggings – ironically known as “hard pants” – as opposed to the much-loved and couch-friendly alternative to “soft pants”.

Whether the future of workwear will include more elastic waistbands remains an open question, but it is increasingly clear that America is unlikely to return to many of its old workday habits. Surveys of workers indicate that many have not missed out on the office, and that employers are increasingly turning to hybrid work models and location flexibility, in part to avoid fueling further resignations.

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