The labor market continues to tighten as unemployment wobbled near a 45-year low last week leaving unemployment at the lowest level since January 1973.
Last week also marked the 154th straight week that claims remained below the 300,000 threshold—indicating a strong labor market. That is the longest stretch since 1970 when the labor market was much smaller.
The U.S. workforce also continues to age, partly because of low birth rates. The oldest millennials are just passing 37-years-old, and baby boomers are continuing to work well into their 70s.
The combination of millennials—the largest labor market share of any single generation—and gen Z (born after 1995), might make it seem that the future U.S. workforce will be increasingly younger. However, projections suggest that tomorrow’s workforce will be older than the present, just as it is expected to be increasingly female and more racially and ethnically diverse.
Still, nearly 4,000 apartment positions were available in January, highlighting the need for all job types and skills in this high-demand industry.