Retirements spike again as stock market booms

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.