Who Are America’s Missing Workers?

Mr. Strait spent most of his career in the restaurant industry, until he decided to switch professions in his 50s. After six years of classes, he started work as a cardiac sonographer at a hospital near his home in San Diego. But in December 2019, the hospital said he’d need to live closer to be on call, and he didn’t want to move.

While looking for another job, Mr. Strait talked to a financial adviser, who said that he could retire if he downsized and moved somewhere with a lower cost of living. And as the pandemic raged, that started to look like a better idea than working in health care.

“As Covid got worse, I was leery about going back into the medical field,” said Mr. Strait, who is 63. “I’m pretty healthy, but I was concerned about just being in a hospital surrounded by Covid, and I didn’t want to fall prey to that.”

So he moved to Port Charlotte, Fla., with enough money from the sale of his house to buy another in cash. He gets offers to go back to work at twice his previous salary, but hasn’t felt the need to; cooking and gardening are keeping him busy.

“I could jump back in, but then I got used to being retired,” Mr. Strait said. “I keep my credentials ready in case I want to buy a boat or something.”

For decades, a large generation aging into retirement has been the strongest factor dragging down overall labor force participation. The pandemic, which made workplaces particularly dangerous for older people, supercharged that trend. At the same time, the value of homes and 401(k) accounts ballooned in 2021, bringing retirement within reach for many.

Article source: https://www.nytimes.com/2022/09/12/business/economy/labor-participation-covid.html