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August 31, 2009

The old-young unemployment gap -- live chat

Stop back here at 11:30. We'll be live-chatting about this and any other aspect of the recession you want to talk about. You can leave questions/comments in the comments section or ask live during the chat.

Piece from the NYT over the weekend:

Unemployment for middle-aged workers like Mr. Blattman is the highest it’s been since data was first collected 60 years ago. According to the Bureau of Labor Statistics, joblessness is worse for men over 45 (7.7 percent in July) than women the same age (6.9 percent). And while the middle-aged are still more likely to have jobs than younger workers, once people Mr. Blattman’s age are laid off, finding a new job is harder. In 2008, laid-off people over 45 were out of work 22.2 weeks, versus 16.2 weeks for younger workers.


But this is only part of the picture. Unemployment is going up among older workers because those 55 and over who had previously retired are flooding back into the job market. Unemployment is defined as those who are actively looking for work but can't find it. Thanks to the collapse in their home and 401(k) values, there are many, many more older folks looking for work these days. Many are not finding it, but many are. The number of people 55 and over who are employed today is greater than it was a year ago. Meanwhile employment for every other age group has fallen.

Meanwhile, employment among younger workers is close to all-time highs. Why? Older folks aren't getting out of the way as they once did to make room for new talent. See the whole story here in my piece from Sunday's paper.

Posted by Jay Hancock at 9:55 AM | | Comments (1)
Categories: The Great Recession
        

Comments

The economy and health care system are so screwed up that many laid-off middle-aged folks wish they were 65. I wish I were 65, but that's because I'm 66. If I weren't collecting Social Security and on Medicare, I'd be doomed.

Patrick Lackey

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.
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