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Millennials Coming of Age: An Underappreciated Positive for US Growth

Third Quarter 2020 

Their emergence into the US labor market is a demographic trend with major implications for housing and other sectors, economic growth, inflation, and the upcoming US election.

From our sub-adviser, Wellington Management
Juhi Dhawan, PhD
Macro Strategist


The human suffering from the coronavirus has been devastating. In economic terms, the deep hole it leaves behind will take time to heal, with multiple industries being disrupted and many workers being displaced. As we consider the path of recovery, it is worth noting that two powerful forces are beginning to lift the medium-term prospects for the US economy. The first is better productivity. The second force, which is my focus here, is growth in the all-important prime worker population (ages 25–54). 

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