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Hannah Foslien/Getty Images For the first time since the financial crisis, the nation’s population grew at a rate that exceeds the number of retirees, according to a new report from Moody’s Analytics.
The numbers, released Tuesday, should give us another glimpse of U.S. workforce dynamics moving forward: While the federal government’s workforce is shrinking, population growth is outpacing the growth of the nation’s number of retirees by 20 percent, the report found in a release.
But what is important about this trend isn’t just the sharp decline from the pre-recession era, which Moody’s Analytics attributed to retirements and Baby Boomer retirements, which had been the primary driver of job growth, but the fact that it happened at all.
“This is not the first time we have seen significant population growth,” James Hiltzik, global head of economic research at Moody’s Analytics, said in a statement. “But if we had to start over again, the trend would not be as impressive.”
There is more to the U.S. demographic picture than older, baby boomers retiring on their own. The report found a huge influx of people between ages 36 and 60: The population grew by 14 million between 2015 and 2021, almost all from within that age group, the report found.
But even among the baby boomers and that younger segment of the population, the numbers are rising, according to Hiltzik.
“It is true that the proportion of the population born after 1980 has grown since 2007,” Hiltzik said. “But there is a clear upward trend going on over the last decade or so. You could say, to put it bluntly, we are entering a Baby Boom generation.”
So why is it that the U.S. population can keep growing at such a faster pace than the number of people who will be retiring, especially in a year like 2017? Not only do older demographics keep pace with the nation’s workforce, but they also keep the nation’s GDP growing.
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