Early retirement is playing a more significant role in the labor shortage than millennials, according to a CNN Business report.
A total of 3.6 million more Americans left the labor force and declared they did not want a job in November of 2021 than in November of 2019.
Approximately 90% of them were over the age of 55.
ADP Chief Economist Nela Richardson said the stock market and growing home prices give those with higher income, especially older generations, more options.
It can also be attributed to a higher risk for older people to go to work during the pandemic.
However, the “unretirement” rate has increased from 2% early in the pandemic to 2.6% in recent months.
FedEx also reported a record 111,000 applications in one week and credited its pay package and other offerings, including flexible schedule options.