Older Workers in Labor Force Is Highest in 35 Years

“An increase in employees switching jobs is a signal of increased confidence in the labor market and the overall economy,” Scott Brown, chief economist at Raymond James and Associates, told Bloomberg. “When the economy is rebounding, workers are more likely to quit their jobs to take another.”

The piece cites data from the Conference Board, a New York research group, that found the number of people who perceive that jobs are “hard to get” subtracted from the number of those  who say opportunities are “plentiful” rose to negative 39% in July from a low of minus 46% in November 2009.

Bloomberg also notes a Right Management December survey that found “84% of employees planned to look for a new job in 2011, up from 60% the prior year. Only 5% intended to remain in their current position.”

The EBRI report says the upward trend in older workers is not surprising and is likely to continue because of workers’ need for access to employment-based health insurance and for more earning years to accumulate assets in defined contribution plans, particularly after the stock market and economy downturn in 2007–2008. Consequently, they have a greater need to work to help make their assets last longer or to continue to build up (or to rebuild) assets, EBRI notes.