Nearly a third of retirees want to rejoin the workforce — and other happenings in the world of work

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Catch up on headlines from the last 7 days.

• Jobless claims dipped slightly last week, a sign that demand for labor remains strong even as recession fears mount. While this is good news for workers, it could mean that the Federal Reserve will hike interest rates more aggressively.
• Retail spending held steady in July, according to the Census Bureau. The numbers, however, are not adjusted for inflation meaning Americans are likely spending more and getting less .
• Gig work is getting more popular, as inflation and the desire for flexibility get to Americans. Informal, part-time work on platforms like Uber and Lyft dwindled at the outset of the pandemic but has rebounded as much as 31% .
• Married couples are better at weathering financial stress, according to the Federal Reserve Bank of St. Louis. The median net worth of married young couples is now nearly nine times higher than the net worth of single households. Single women face the biggest barriers to wealth generation.
• Return-to-office mandates are looming. Companies including Apple, Peloton and Comcast have all told employees to get back to the office at least several days per week following Labor Day. Executives want in-person work to foster innovation but workers want flexibility — so some bosses might end up at the water cooler alone .
• Office buddies are a thing of the past. A new survey shows that workplace relationships are the least important part of job satisfaction . Compensation and work-life balance rank as the most important aspects to workers.
• Expats are flocking to a host of new cities, eschewing Hong Kong and Singapore to live and work in Kuala Lumpur, Lisbon, Dubai, Bangalore or Mexico City.

Take a closer look at a recent trending topic — and engage with meaningful conversations happening on LinkedIn.

Why are Americans considering unretirement?

• Most Americans are spending more and getting less , and that could reshape the workforce. Inflation is still running hot — so hot that about 31% of retirees reported they would be eager to get back to work if they keep eating into their savings.
• About 14% of retirees stated they are open to or actively looking for work. Some aren’t so hopeful — about 43% of retirees expect that their age will make it hard to find a job, according to a new poll from the American Staffing Association and The Harris Poll. “At a time when more retirees need additional income and employers need their expertise and experience, older workers continue to face hiring barriers,” Richard Wahlquist, the president at the ASA said . “Employers that take steps to embrace flexibility and diversity across their entire workforces will be more productive and have higher levels of employee engagement,” he continued.
• About 41% of retirees would look for a job if they could have a flexible work schedule — meaning many are interested in part-time gigs. One retiree, Lisa Schnack, commented that she left consulting last year because “the lure of travel beckons.” She recently took a trip to central Europe and realized that she wasn’t interested in — or able — to retire completely. This week, she’s starting a part-time, temporary role at a college bookstore in Seattle before her “next jaunt.”?
• The survey suggests that baby boomers are concerned about their financial futures — but separate research found that Gen X is even more concerned about the repercussions of inflation. Rising prices impact everyone, but middle-class workers in the Sun Belt are feeling it the most, regardless of age.

Can you stay in one job too long?

• When recruiters see that you’ve been in the same job for too long, they question if you are loyal or lazy. The tipping point from one end of the spectrum to the other, experts say , is over a decade. Paula Newman, a mental health counselor, commented that she just celebrated three decades at her job. Her decision to stay on so long, she said, was a combination of both loyalty and complacency. “It’s what I knew to do,” she explained. “It’s old world.” Her parents worked government jobs and stayed in them for 30 years, too.
• That’s not an uncommon decision — most people want job stability . But there are downsides. For example, Newman likely left money on the table. Research from ADP showed that job switchers, on average, see 2% more annual wage growth than their colleagues who stick around, while a survey from The Conference Board found that workers who switched jobs during the pandemic saw at least a 10% pay bump.
• “With four years left until retirement, I think about whether I’d do anything differently and I don’t think that I would,” Newman concluded. Her position allowed her to focus on what she loved — serving as adjunct faculty at a local university while also holding down her full-time job.?
• Newman still cautions younger workers to keep the door open. “It’s a new world,” she said. “Go forth and do the new thing.” Jamie McLaughlin, CEO of a recruiting firm, advised workers to consider their options every five years. “You want to make sure your role has evolved with your life,” he said . Shopping around and having conversations with other employers “doesn’t mean you’re unhappy or you’re changing jobs,” he continued. “You’re just doing due diligence on your career.”

Are public sector jobs less attractive now?

• Workers have been leaving government administration jobs in droves since the start of the pandemic, according to a new analysis from LinkedIn’s Economic Graph team. Many are tempted by better pay and more flexibility promised by the private sector. Being able to work from home or hold a more “exciting” job are alluring to those who jump ship.
• “I went from military to state government service then to the private sector,” Jose Dominguez commented . “It’s true, the pay was significantly better, the pace was definitely faster and decisions with financial impact could be made on the fly,” he said of the difference. Five years after the jump, he started to rethink his decision. “Dishonest leadership, 16-hour days and a change in compensation model made me realize state service wasn’t all that bad.” He ultimately went back to the public sector. “I had the luxury of seeing both sides and learning from each,” he concluded.
• Not all those who leave the public sector regret their choice. “I quit working for the government about 12 years in,” Ashley Stephens, a therapist, commented . “I could not seem to find a way to move forward and upward in my career,” she said, echoing a sentiment shared by many. Stephens ultimately took a job that paid her more for fewer hours, ultimately increasing her work-life balance. “I don’t regret it for a day, but would have loved to make an entire career out of working for the government,” she said.
• In the last two years alone, there’s been a 15.6% decrease in the pace at which workers are starting public sector jobs relative to the level of talent flow in the opposite direction. The trend is most visible in Sun Belt spots including Tampa, Charlotte and Dallas. The few locations where government work is actually gaining in popularity include some state capitals like Albuquerque, Sacramento and Albany.

Get ready for the week by seeing what's coming up.

• Tuesday, August 23: The Census Bureau will release the annualized number of new single-family homes sold in July. It’s expected to be a lower number than June. The report is typically highly correlated with the existing homes report , which was released last week.
• Wednesday, August 24: The Census Bureau will release its monthly report on durable goods orders, which measures manufacturing activity.
• Wednesday, August 24: LinkedIn Senior Editor at Large George Anders will release his latest edition of Workforce Insights , digging into differing views on compensation and pay transparency between men and women.
• Thursday, August 25: The Labor Department will release initial jobless claims for the previous week. The report, a proxy for layoffs, tracks the number of people filing for unemployment benefits.
• Thursday, August 25: The Commerce Department will release its second estimate of second quarter gross domestic product. Economists expect to see the U.S. economy contracted more slowly than shown in last month’s first estimate.
• Friday, August 26: Federal Reserve Chair Jerome Powell is expected to speak at the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming, where he may hint at future monetary policy.
• Friday, August 26: The Commerce Department will release the Core Personal Consumption Expenditure Price Index — the Fed’s preferred inflation measure. The report measures changes in the price of goods and services purchased, excluding food and energy.

Joseph Gobran contributed to this edition.