That means less purchasing power and a significant impact on the economy.
“America's population is aging and Millennials are having fewer kids than older generations did,” according to an article on CNN Business.
According to David Kelly, chief global strategist with JPMorgan Funds, “the longer-term risk of slowing population growth ‘poses particular economic challenges,’” the article said.
“Kelly said that the combination of retiring boomers and a shortage of working-age Americans creates a problem that is ‘particularly awkward for the economy.’ He added that this trend should ‘persist throughout the 2020s,’” the article said.
The article listed decreasing “home building and auto sales,” a slowing of “earnings growth” and “returns in general to be lower” as probable effects. Other anticipated effects include a shrinking workforce and a compensatory increase in automation, the article said.
The one segment that stands to continue growing amid funneling population ages and the so-called ‘silver tsunami’? Home care services for seniors.
Read the full article here.