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Huge numbers of Americans are leaving the workplace in a surprise second wave of the post-COVID retirement boom.
Why it matters: An aging country — combined with a booming stock market and a nudge from return-to-office policies — means more working stiffs are preparing to exit the stage.
What's happening: The U.S. has about 2.7 million more retirees than predicted, Bloomberg reports from a model designed by an economist at the Federal Reserve Bank of St. Louis.
That number was 1.5 million six months ago — a more than 80% increase. Before the pandemic, there were often fewer retirees than expected.
The big picture: The pandemic fundamentally altered the labor force in ways that made the jobs market historically tight.
Many people retired, while others dropped out of the labor market altogether.
Zoom in: Higher stock market returns and increasing asset values appear to be playing a role.