KNOW ANY AIRPLANE MECHANICS? A WAVE OF RETIREMENTS IS LEAVING SOME US INDUSTRIES DESPERATE TO HIRE

Kwasi Bandoh, a senior recruiter for an airline, stood before a group of aviation mechanic students at their graduation ceremony last month and congratulated them for all having jobs

As some of the students began nudging each other, Bandoh realized that perhaps not every one of them had already been hired.

"Who doesn't have a job?" Bandoh demanded, surveying the 15 graduates before him at the Pittsburgh Institute of Aeronautics' training facility in Hagerstown, Maryland. "Who doesn't? Because I have a job for you!" The crowd of about 70 friends and relatives, gathered in a hangar where the students had been trained, laughed appreciatively. Fourteen of the 15 graduates did have jobs, and the only one who didn't had an interview lined up for the next day.

As happy as the moment was for the graduates, it epitomized the struggles of recruiters like Bandoh, who are desperately seeking mechanics for the airlines, plane manufacturers and repair shops that need them. Most of their existing mechanics are aging, and demand for travel is growing.

Across the U.S. economy, other industries, too, face the same formidable challenge: Replenishing a workforce diminished by a surge of retirements that began during the pandemic and has continued since. It's a growing problem in such fields as construction, manufacturing, nursing and some professional industries like accounting.

Since 2019, the proportion of retirees in the U.S. population has risen from 18% to nearly 20%, according to research by the Federal Reserve Bank of New York - equivalent to about 3.5 million fewer workers. And the trend seems sure to accelerate: The percentage of workers who are 55 or older is nearly 24%, up from only about 15% two decades ago.

The surge of retirements, along with a slowdown in immigration that began during the pandemic, are the primary factors behind the labor shortages that continue to bedevil some employers.

The aging workforce also helps explain the confounding nature of the economy right now.