Magazine article Policy & Practice

Recession Hits Old Workers Hard

Magazine article Policy & Practice

Recession Hits Old Workers Hard

Article excerpt

The 2007-2009 recession hit workers hard. The unemployment rate reached 9.5 percent in June 2009, the highest level in 26 years. That translates into 14.7 million adults out of work and actively seeking employment. The true impact on the labor market is even greater. Millions of workers were employed part-time because they couldn't find full-time employment, and some work non-working adults were not included in the official unemployment count because they had become so discouraged by their poor job prospects that they stopped looking for work, therefore dropping out of the labor force.

[ILLUSTRATION OMITTED]

This recession has not spared older workers, according to the National Academy on an Aging Society. Recent past downturns have raised unemployment rates at older ages, but the increases usually have been modest. Seniority rules, especially in unionized workplaces, generally protected older workers from layoffs. And in the past, many workers who lost their jobs at age 62 or older would drop out of the labor force, choosing to retire and collect Social Security benefits instead of searching for new jobs. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.