Economic expert warns of 'silver tsunami:' New retirees could strain the labor market

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The unemployment rate in the U.S. changed little this month, holding at 4.1%, according to the Bureau of Labor Statistics. But some experts are concerned about the future as job openings outpace the workforce and older generations retire.The latest report from the U.S. Chamber of Commerce shows there are 8 million job openings in the U.S. and 6.8 million people unemployed — a gap that is expected to increase as older Americans retire in waves described by some as a 'silver tsunami.

Robust hiring highlights surprising September US jobs reportThis October the National Association of Home Builders also reported that thousands of construction workers will be needed to reduce the nation’s housing deficit. is estimating a shortfall of 1.5 million homes.According to the Home Builders Institute report, immigrant workers now account for 24.7% of the construction workforce, a historic new high. In construction trades, the share of immigrants surpassed 31%.“The data clearly shows that we're very, very dependent on foreign labor to get that work done,” Hetrick said.

 

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