Saturday, March 26, 2011

Nevada: Unemployment Statistics Highlight Growth of Older Workers' Participation Rate

Even with a rise of unemployment in Nevada, which has seen the participation rate decline for Nevada’s labor force as a whole fromm 2000 to 2010, it has grown for the state’s oldest workers. Specifically, in reporting the February 2011 unemployment statistics, the state's Department of Employment. Training, and Rehabilitation reported that, during those ten years, the labor force
participation rate in Nevada declined from 70% to 65.6%, while the participation rate for workers 65 and older increased from 12.8% to 20.6%.
The growth in the participation rate of older workers is likely caused by two factors: (1) a social change, marking the ability of older workers to work later into life, and (2) recessionary wealth destruction is forcing older workers to delay retirement due to financial reasons.
Sources: Nevada Department of Employment, Training & Rehabilitation Press Release (March 25, 2011); Northern Nevada Business Weekly "Number of over-65 workers in Nevada continues to increase" (April 4, 2011)

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