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Unemployment hits Baby Boomers hard
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It's bad enough that Baby Boomers are falling into the ranks of the unemployed at an alarming rate. But what's worse, according to an AARP survey, is that 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 labor 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.
Here's a snapshot of what the AARP found:
- At the end of December, there were 11.1 million unemployed men and women ... 1.4 million were at least 55 years old;
- The number of newly unemployed in December increased by 632,000 ... about 60,000 were 55 and older;
- Men accounted for 60 percent of that December increase;
- The December unemployment rate for the 55-plus workforce was the highest monthly rate it has been since October 1992.
Statistically, the over 55 workforce unemployment is running at a lower rate than other age groups.
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 labor 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.
"The number of older persons classified as discouraged by the Bureau of Labor Statistics nearly tripled from December 2007 to December 2008, rising from 53,000 to 154,000."
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