According to a new report by IBISWorld, almost one-third of adults ages 50 to 64 are divorced, widowed or never married. Wow. We talk a lot about “average” adults and “traditional” values, but that’s really an eye-opening statistic for this particular demographic.
The IBIS report touches on some of the markets Baby Boomers are likely to engage in that will help our economy continue to grow. These include dating services, the fitness industry, the RV travel industry, senior housing communities and the do-it-yourself (DIY) home remodeling industry.
It’s interesting that Baby Boomers are becoming more engaged with DIY projects, as a recent article detailed why construction jobs posted a decrease during the middle of our real estate recovery. The reduction was largely due to the sequestration of government-funded jobs, leading to a loss of more than 19,000 jobs in public works projects.
Fortunately, the residential sector reported an increase of more than 13,000 jobs among homebuilders and contractors. However, like many of America’s corporations, builders are saying they’re having a hard time finding qualified construction workers.
Overall, the Bureau of Labor Statistics reported that private sector businesses added 176,000 jobs in April and total non-farm payroll employment rose by 165,000 jobs. This led to a slight decrease in the unemployment rate, now at 7.5 percent.
The day the latest jobs report came out, the stock market expressed extreme joy. The Dow Jones topped 15,000 and the S&P 500 also rose above the 1,500 mark – both new records.
Sometimes good news is just what it seems – good news, like the stock market uptick. Other times good news can be troubling – like what the positive jobs report and stock market uptick could mean for the bond market. Then, some news is just kind of astonishing – like the whole baby boomer singles phenomenon. If you want to talk about how the current news could impact your financial future, please give us a call.
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