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USA Today: Older workers capture more new jobs
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Older workers are snaring an outsized share of job gains in the economic recovery as they put off retirement amid shrinking nest eggs, changes in Social Security benefits and improved health.
They're not necessarily limiting the pool of jobs for younger workers, says Dean Maki, chief U.S. economist for Barclays Capital. More-experienced employees are often more productive and earn higher salaries, generating economic growth that itself yields additional jobs, he says.
In February, employment for workers 55 and older rose by 277,000 from January, or 65% of the total 428,000 gains, according to the Labor Department's household survey, which is used to calculate the unemployment rate.
The more widely reported 227,000 total job additions in February is based on Labor's survey of employers, which doesn't include farm workers and the self-employed and often undercounts start-up firms. The government's March jobs report is due Friday.
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