Wednesday, 11 February 2009
Latest data on over 50's and the recession from the US
Statistically, the over 55 workforce unemployment is running at a lower rate than other age groups. however, according to the latest AARP report they are likely to stay unemployed longer or just drop out of the workforce altogether.
"Long-term unemployment tends to be a greater problem for older job seekers than their younger counterparts," says a report from the AARP Public Policy Institute.
According to December 2008 labour statistics cited by the report, 32 percent of job seekers aged 55 and over remained unemployed for 27 weeks or more. Compare that to 23 percent of those ages 25 to 54, and 18 percent of those under age 25.
But there's a concern that once unemployed, the Baby Boomers are just dropping out of the workforce for good.
"Many older workers who lose their jobs drop out of the labour force rather than continue what can be a long and fruitless job search. Some of them say that they would like to be working, even though they are not looking for a job," said the AARP report.
We are still awaiting the latest analysis from our unemployment figures.