between lower age group declining LFPR and the dramatic increase in student loan debt...those 'kids' aren't slacking so much as trying to maximize their future earning power...makes sense...here's an excerpt from the report...
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While the LFPR growth for the elderly is the most striking feature in the chart above, we also see a noticeable decline in the youngest cohort. A significant driver of this trend has been the decision to stay in (or go back to) school for more education. Supporting evidence is found in the eye-popping growth of student loan debt, especially since the onset of the Great Recession. To be sure, some of that trend is accounted for by older cohorts heading back to school in hopes of improving their employment prospects.
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I've also observed anecdotally that a lot of low wage earners at CVS, or Mickey D's are seniors instead of kids...also jibes with the FRED data on LFPR for the age groups.
What do you see?
Link: https://www.advisorperspectives.com/dshort/updates/2022/08/12/long-term-trends-in-employment-by-age-group