Thursday, February 03, 2011

Paper Reports on How 50+ Workers Fared in 2010

According to a study released by the Urban Institute, unemployment rates remained high for the 47.5 million workers age 50 and older in 2010, and more than half of unemployed workers this age were out of work for more than six months and nearly a third were out of work for more than a year. "How Did 50+ Workers Fare in 2010?"--authored by Richard W. Johnson and Janice Park--also showed that workers age 50 to 61 have fared worse than those age 62 and older since the Great Recession began in December 2007.
In 2010, 2.0 million men age 50 and older were unemployed. Unemployment crept up for all men in 2010 but generally increased more for older workers than younger workers.
  • The unemployment rate for men age 50 to 61 increased to 8.3 percent from 7.8 percent in 2009 and 3.2 percent in 2007.
  • The rate for men age 62 and older increased to 7.3 percent from 6.6 percent in 2009 and 3.3 percent in 2007.
  • Unemployment did not increase for men age 25 to 49.
Older men with limited education—especially those younger than 62—were much more likely to be unemployed than college graduates. For example, the rate at age 50 to 61 for college graduates was 5.2 percent, compared with 10.1 percent for high school graduates and 14.2 percent for those who did not complete high school.
Source: Urban Institute Summary (February 1, 2011)

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